<p><strong>Date:</strong> Mon, Oct 08, 2024, 11:16 AM GMT</p><p>As the cryptocurrency market recovers from recent declines triggered by geopolitical tensions, Sui (SUI), a high-performing Layer 1 token, is making headlines. SUI has surged over 3% in the last 24 hours and has been one of the best-performing altcoins over the past month, with an impressive 110% gain in just 30 days.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/496b1a723f2e408d9be36a8cd0107bda.png" />Source: Coinmarketcap</p><p>Despite some market-wide selling pressure that briefly pushed SUI down to a critical support level of around $1.60, the token has quickly rebounded, drawing the attention of traders and analysts alike.</p><h3 id="cup-and-handle-pattern-signaling-a-breakout">Cup and Handle Pattern Signaling a Breakout</h3><p>Crypto analyst &#64;CryptoBullet has highlighted a bullish signal in SUI’s chart, pointing to a classic <strong>cup and handle</strong> pattern forming. In his <a href="https://x.com/CryptoBullet1/status/1843594089805062303" rel="noopener noreferrer nofollow">analysis</a>, he noted:</p><p>&#34;I know it might be tempting to sell $SUI here, but it’s the wrong timing, in my opinion. We’re now seeing the <strong>4th test of the $2 level!</strong> The more a level is tested, the more likely it is to break.&#34;</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/9984708080874e8ab5a1df2c07672afc.jpeg" />Credits: CryptoBullet</p><p>According to &#64;CryptoBullet, this is a key sign that SUI is primed for a major breakout. With the $2 level being tested four times, he believes a push above this resistance could set the stage for a significant rally. His price target for the breakout? A potential run to <strong>$10</strong>—especially if a broader bull market kicks in.</p><h3 id="what-s-driving-sui-higher">What’s Driving SUI Higher?</h3><p>SUI’s recent rise can be attributed to a few key factors:</p><h4>1.TVL Growth:</h4><p>SUI’s <strong>Total Value Locked (TVL)</strong> has surged by 67% over the last 30 days, crossing the $1 billion mark and surpassing Avalanche (AVAX) in rankings. This rapid increase in TVL reflects growing confidence in the SUI ecosystem, particularly as its decentralized finance (DeFi) offerings expand.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/3f8b540f2a3949edbb43b65f9bdbd7ae.png" />Source: DeFiLlama</p><h4>2.SUI-Based Memecoins:</h4><p>The rise of <strong>SUI-based memecoins</strong> is another contributor to SUI’s rally. Data from <a href="https://www.coingecko.com/en/categories/sui-meme" rel="noopener noreferrer nofollow">CoinGecko</a> shows that the total market cap of these memecoins has jumped by 13% in the past 24 hours, reaching $324 million.</p><h4>3.Record Daily Transactions:</h4><p>SUI has also seen an explosion in daily transactions, which have skyrocketed to over $100 million in the last three days. This surge in activity points to increased adoption and usage of the SUI network.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/4b80bc2ed0ec496c858374de80bbe661.png" />Source: Suivision</p><h3 id="can-sui-hit-10">Can SUI Hit $10?</h3><p>While no one can predict the future with certainty, the combination of strong technical patterns like the cup and handle, impressive TVL growth, and surging transaction volume makes a strong case for continued upward momentum. If the market conditions remain favorable and SUI breaks through the $2 resistance, a run toward the $10 target outlined by analysts seems within reach.</p><p><strong>Disclaimer</strong>: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.</p><p><strong>Also Read: </strong><a href="https://coinsprobe.com/turbo-sees-significant-gains-after-breakout-and-retest-is-a-major-rally-ahead/" rel="noopener noreferrer nofollow">TURBO Sees Significant Gains After Breakout and Retest: Is a Major Rally Ahead?</a></p>

Is SUI Primed for a $10 Breakout with This Cup and Handle Pattern?

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