Top trader sets SUI price target at $2.34

The price of SUI has slipped into a danger zone after a prolonged period of continuous fall, and traders believe that the recent liquidity sweep has revealed the first signs of a change in market structure, opening up the possibility for a breakout to the level of 2.3378 USD.

Since the peak in January, SUI has lost nearly 70% of its value and is currently testing the long-term support zone, which has guided the trend throughout the past year.

However, contrary to the price movements on the chart, the SUI network activity shows a more positive story as the number of accounts has grown exponentially, reaching 900% within a year. This reflects the strong internal vitality of the ecosystem, despite the falling trend in the market.

The contrast between price factors and on-chain growth has created a tense equilibrium, which is expected to be the precursor to the next phase of SUI.

SUI Price Prediction: Can it increase by 168% to 2.34 USD?

Currently, the price of SUI is entering a key support zone, and the chart shared by @Don has accurately captured this moment. SUI has returned to the long-term trend line, where many major turning points were recorded in 2023.

Each time this threshold has been reached in the past, it has led to a strong recovery, and the most recent return indicates that buying pressure is starting to increase.

Over the past year, the price action of SUI has formed a broad descending wedge pattern, with lower highs reflecting continuous selling pressure. However, the lower boundary of the pattern remains intact, indicating that demand is quietly protecting this zone.

As the price of SUI delves deeper into this structure, the downward pressure gradually weakens. The chart shows that market momentum is subsiding, indicating the potential exhaustion of the sellers.

SUI price prediction | Source: Don, XBased on this model, if the SUI price bounces back from the trendline to the upper boundary of the descending wedge, the expected increase could reach 167.35%. Although this is an ambitious target, it is entirely consistent with the scale of previous recoveries from this price zone.

At the present time, SUI is standing on a familiar price base, as market sentiment is being stretched and supply is gradually running out.

The RSI index of SUI has fallen into the strongest oversold zone since 2023

According to analysts and traders at CryptoBull, the price of SUI is showing signs of stabilizing again after a strong sell-off, marking the first signs of recovery.

The price has bounced from the key support zone just as the RSI indicator on both the 3-day and 1-day charts reached the deepest overbought level since 2023. Traders often pay close attention to these moments as they are usually a sign that selling pressure is beginning to weaken.

This bounce also occurs right below the major resistance/support zone that has shaped the trend for over a year. If buying pressure continues to be maintained, the nearest target for SUI will be in the range of 1.90–2.20 USD.

SUI price target | Source: CryptoBull, XThis price level was once a strong zone of support and has now become the first barrier on the recovery journey.

With the market momentum being stretched, the technical structure remains intact and there is a clear price reaction from the zone of the bottom, the current scenario leans towards a broader recovery. At the same time, this also aligns with the target increase of 167.35% established on the larger time frame.

According to a post on X from the SUI community, capital flow tends to revert to assets that have performed well in the past.

With the price of SUI at an important support zone, the lowest valuation in 18 months, along with growth momentum from Grayscale Trust and the expansion of the ecosystem, many investors see this as an ideal accumulation zone for the next phase.

Mr. Giáo