SUI Price Prediction: Will the SUI Token Reach $1.48 if it Breaks Above the $1 Neckline of an Inverted Head and Shoulders Pattern

With the launch of the Grayscale SUI Trust, a new SUI-focused investment class enters the financial market. This marks a major achievement for the project and

The launch of the Grayscale SUI Trust is introducing a new SUI-centric asset class to the financial market. This marks a significant achievement for the project and could potentially increase market demand for SUI.

Following the recent market crash, the price of SUI has seen a sustained upward trajectory. Since Monday, the SUI token has surged by 9.68%, continuing the 24% bull run from last week.

This recent price pump began on September 2 and has already erased the 23% decline observed in the last week of August, when the token dropped from $1.0010 to $0.7609.

In September alone, the SUI token has risen by over 40%, moving from a low of $0.7426 to a high of $1.04. This trend suggests that the SUI price has entered a new phase of bullish momentum.

SUI Bullish Momentum From Technical Analysis

On the daily chart, the SUI price shows an inverted head and shoulders pattern breakout with a neckline at the $1 psychological round level. With the intraday jump of 10.5% from the opening price of $0.9299, SUI forms a bullish engulfing candle to reclaim the $1 psychological mark.

Based on the Fibonacci level, the DeFi token takes support from the 23.60% Fibonacci level at $0.8990 and is headed to the 38.20% level at $1.12. With the bullish pattern breakout, sustenance above the neckline will result in a massive surge in the upcoming times.

SUI Technicals and Targets Ahead

The MACD indicator is showing a bullish crossover as the SUI price rises, and positive histograms are increasing, signaling a boost in momentum.

Although the key EMAs (50, 100, and 200 days) remain bearish, the token has recently crossed above all of these EMAs. This development raises the potential for a bullish crossover between the 50-day and 100-day EMAs.

Based on Fibonacci levels, the breakout rally could target the 50% and 61.80% retracement levels, which correspond to approximately $1.3063 and $1.4883, respectively.

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