Recently, SUI gained significant strength, which pushed the prices above the important resistance zone, which can be considered as a last pitstop before the highs. The token has formed a massive bullish pattern and after achieving the levels around the neckline, a gigantic bullish run could be imminent. Besides, Solana’s DEX volume in the past 24 hours compared to Ethereum may flutter bullish flags over these cryptos in the long term.
The SOL price is closely following the star token, Bitcoin, as both the charts resemble each other. For the third consecutive time in the past 50 days, the price has faced rejection from $161, which may flash bearish signals for the crypto. However, the SOL price has been consolidating between $115 and $200 for the better part of 2024.
The SOL price is closely consolidating above the 200-day MA, which is acting as a strong base for the token. Besides, the Ichimoku cloud has just flipped into bullish, suggesting a potential shift from the bearish trend. Therefore, the price is expected to trigger a fine rise at the beginning of the fresh quarter and reach the descending trend line around $173 to $175. The bears are speculated to offer strong upward pressure at this level, but the bullish market sentiments are believed to revive a notable uptrend.
Besides, the SUI price has been printing massive bullish candles ever since the token triggered a rebound in mid-August. The price is consolidating within a narrow range but from a wider perspective, the price is in the last phase of a bullish pattern and hence a breakout from this range may assist the token to form a new ATH.
The weekly price action of SUI suggests the token is about to form a double-bottom pattern and rise above the pivotal range. Currently, the weekly RSI has triggered a bearish divergence before entering the upper threshold, while the MACD shows a massive accumulation of buying pressure. Therefore, the SUI price is believed to initiate a fresh ascending trend with the beginning of the fresh quarter, which may assist the price to rise to new highs.
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