Sui (SUI) price up 12% as Bitcoin (BTC) spikes to near $100k

Sui price is up 12% in the past week, with the altcoin rising as Bitcoin spikes to near $100k.

own a valuable asset like cryptocurrency or a stock that’s part of a booming sector like artificial intelligence (AI), you’ll likely want to take some profit when the opportunity arises.

After a token price has shot up by 100% or more over a short period, you might expect some fatigue to set in. But not necessarily.

One analyst is still bullish on SUI after a 12% price increase in the past week.

The analyst, who uses the handle Captain Faibik on X (formerly Twitter), said that the layer-1 blockchain network’s native token could spike to $4.25.

He based his forecast on the technical chart for SUI, which shows a breakout from a channel pattern.

The analyst’s 4-hour chart shows the SUI/USD pair breaking above the upper trendline of a channel, which began in mid-March.

After bouncing off the lower trendline twice, the SUI price broke through the channel resistance at around $3.10 on Thursday.

At the time of writing, SUI was changing hands at $3.24, having hit lows of $2.03 on April 16.

The analyst said that breakout could propel SUI toward $4.25, which will be the next resistance level.

From the current level, this will be an increase of around 31%.

At its peak earlier this year, SUI hit $5.35, which will be in the sights of buyers if the next leg up unfolds as forecasted.

From the current level, this will be a 65% increase.

The analyst said:

«$SUI is getting Ready for another Bullish Impulse.

Next Stop : 4.25»

Gains for Sui ecosystem tokens

The tokens in the Sui ecosystem have seen their collective market capitalization rise by more than 6% in the past 24 hours to above $29 billion.

While most of this is in the SUI network’s native token at $12 billion, a lot of the top ecosystem tokens are also registering notable gains.

Bonk (BONK), Walrus (WAL), and DeepBook Protocol (DEEP) prices have increased 10%, 9%, and 12%, respectively, in the last 24 hours.

The three tokens’ market cap values stood at over $1.4 billion, $800 million, and $596 million, respectively.

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