Sui Poised for Breakout as Analysts Eye Major Upside
According to Pal, market signals are aligning in SUIs favor, hinting at a possible major rally.
In a recent update to his large social media following, Pal highlighted that the Tom DeMark Sequentiala tool used by traders to anticipate trend reversalsis showing a positive signal for SUI. He also pointed out that the token appears to be on the verge of escaping a descending channel, a pattern often associated with prolonged downtrends.
Pal teased the potential move with a cryptic nod to momentum: Sui: knock, knocking, knocking on heavens door.
Hes not the only one watching closely. Well-known analyst Cheds mentioned that a push past the $2.50 resistance level could unlock stronger upward momentum for the token. At the same time, trader Michaël van de Poppe emphasized SUIs increasing relevance in the decentralized finance (DeFi) sectorparticularly its emerging role in BTCfi, or Bitcoin-based DeFi applications.
Van de Poppe noted that 10% of all value locked in BTCfi is now moving through SUI, and that the network ranks among the top six DeFi ecosystems by activity. With nearly $6 billion in monthly DeFi trading volume, SUI appears to be gaining traction just as markets look poised for a rebound.
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Text source: Coindoo
