Based

bullish

Becoming one of the top-performing cryptos last week, the SUI price continued a bullish trend for two weeks. As the demand for altcoins grows and the broader market recovery chances improve with the rate cut possibilities, buyers are lining up for SUI.  
Will a new breakout run and the price jump of 50% Fibonacci level result in a new all-time high for SUI this year? Let’s find out.&nbsp;  
<h2 class="wp-block-heading" id="h-sui-price-analysis">SUI Price Analysis</h2>  
With a falling channel pattern in the daily chart, the SUI price is on a bullish recovery rally. Following the channel breakout, the SUI consolidated between the 23.60% and 50% Fibonacci level, ranging from $0.73 to $1.05.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcF4iLqfvAL1PtwsFbDta7ClzSnwbEdOCL6c9Rdfwdp9PGFJQXmQ2dodegfjepnSoc82GarHoa94DMmarMawenVZ-vS7iqC045fLwt8bElq3d5cORbJuF-oGNUwNolgbN6U74X0wnl_uw4UPTPWTUyehpdw?key=CNU0go3HmY622D1JMpQ6aQ" alt="SUI Price Chart">
</figure>  
<a href="https://www.tradingview.com/x/QFG5xM6j/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
With broader market crypto recovery last week, the SUI price reclaims the $1.00 psychological mark and surpasses the 50% Fibonacci level. Further, the SUI recovery creates a rounding bottom in the daily chart with a neckline at the 50% Fibonacci level.&nbsp;  
Currently, the SUI price is trading at $1.1079 with an intraday gain of 2.73%. From its recent bottom at $0.46 on 5th August, the SUI price is up by 139% in just 42 days.&nbsp;  
Technical Indicators:  
EMA: Amidst the growing bullish influence, the crucial EMAs are trending and preparing for a golden crossover between the 50-day and 200-day EMA. This will boost the broader market for the SUI token's recovery run.&nbsp;&nbsp;  
MACD: Further, the MACD and signal lines are on a bullish track with a surge in the positive histograms.&nbsp;  
<h2 class="wp-block-heading" id="h-will-sui-cross-1-75-barrier">Will SUI Cross $1.75 Barrier?</h2>  
As the recovery rally gains momentum with the recent rounding bottom reversal, the channel breakout rally is likely to exceed the 61.80% Fibonacci level at $1.2371.&nbsp;  
With three consecutive bullish candles and the breakout rally gaining momentum, the SUI price is just 49.20% away from its previous swing high at $2.1816. Based on the Fibonacci levels, the upcoming target levels for the SUI token are $1.55 and $2.07.&nbsp;  
Optimistically, the logarithmic price chart and the Fibonacci levels present $4.8051 as an ideal year-end target. Hence, with a massive upside potential of more than 300% and an ongoing recovery crossing $1, the SUI token is one of the fastest altcoins to watch in the crypto market.  
Wondering if the bull run in SUI will surpass $2 in 2024? Find out now in Coinpedia’s well-rounded <a href="https://coinpedia.org/price-prediction/sui-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SUI price prediction</a>!

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