SUI Price Chart Is Flashing a Familiar Bullish Signal – Is Another 5.5x Run Coming?

SUI is back on the radar, and for good reason. Traders are keeping a close eye on a familiar setup that once kicked off a major rally.

Prominent trader Capo has been keeping an eye on a familiar setup that once kicked off a major rally. The token is now hovering right around its 50-day and 200-day moving averages, a combo that previously kicked off a 5.5x toke price to go from $1.00 to $5.50.

This time, traders are focused on whether the same bullish cross pattern could again factor into a new leg of the move up, especially with price action consolidating just below recent highs.

Prominent trader highlights familiar setup as 50-day, 200-day moving average cross nears

Capo, known for his technical analysis and bold predictions in the crypto market, brought attention to the pending bullish crossover on the 50-day and 200-day moving averages.

According to his analysis, the cross pattern signaled the start of an extended uptrend, with the 50-day average later providing dynamic support during pullbacks.

The analysis focused on a converging pattern with the 50-day average offering support during the recent recovery. As the 200-day average pulls up to meet this point, the combination of the two averages with the current price action could be viewed as lending greater strength to the pattern.

This close proximity of the moving averages to the current price action may be a factor that contributes to the pattern's strength.

SUI price stalls in consolidation zone

In recent price activity, a stable consolidation range has emerged between the $3.40 and $4.00 levels.

SUI has managed to maintain a structure above the $3.40 area, which coincides with a visible green support zone and the upper boundary of a weekly order block. A wider support area extends down to $2.49, a level that has repeatedly served as a base throughout the recent recovery.

On the resistance side, the $4.00 level is closely watched, while a higher barrier at $4.20 marks the most recent swing high. A confirmed move above this zone would suggest a continuation of the current bullish momentum.

Despite a $220 million reduction in liquidity from the ecosystem, Capo stated that the overall market structure has not broken. The token remains up 2x from its previous lows and continues to trade above key moving averages.

Capo's commentary also touched upon widespread market fear, stating that retracements remain part of a healthy trend. He concluded his post with a bold target of August and a price level of $9 for SUI if the pattern holds. As technical indicators align and historical patterns re-emerge, the market remains attentive for confirmation of the next move.