Former Goldman Sachs executive Raoul Pal believes that one Solana (SOL) competitor looks to be in a position for a massive breakout.
Pal tells his 1.1 million followers on the social media platform X that the Tom DeMark (TD) Sequential Indicator is flashing bullish for the layer-1 platform Sui (SUI).
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.
He also suggests that SUI is on the verge of breaking out of a downward channel, a bearish pattern indicating that the asset is forming lower highs and lower lows.
“Sui: knock, knocking, knocking on heaven’s door.”
Other analysts are also suggesting SUI may be gearing up for an explosive move.
Pseudonymous trader Cheds says if SUI can break through its immediate resistance, it may start printing significant rallies.
“$2.50 overhead is a long trigger.”
Meanwhile, crypto trader Michaël van de Poppe tells his 783,900 followers on the social media platform X that Sui is gaining adoption as a decentralized finance (DeFi) network, including for Bitcoin (BTC) staking and lending, referred to as Bitcoin DeFi (BTCfi). He also suggests SUI is bouncing off a key support level on the three-day chart.
“Once the markets are turning back into an uptrend, the money will flow back into the ones that have shown strength. SUI is one of them. It’s a great spot to investigate SUI:
- BTCFi is quickly growing fast as 10% of TVL (Total Value Locked) going through SUI.
- DeFi on SUI is in the top six of all chains.
- Nearly $6 billion in trading volume on DeFi in the past month.
I think it can do really well in the upcoming cycle.”
Lastly, the financial giant VanEck predicted SUI will soar more than 358% from its current value.
“We believe the crypto bull market will persist through 2025, reaching its first peak in the first quarter. At the cycle’s apex, we project Bitcoin to be valued at around $180,000, with Ethereum (ETH) trading above $6,000. Other prominent projects, such as Solana and Sui, could exceed $500 and $10, respectively.”
SUI is trading for $2.18 at time of writing, up 4% in the last 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
No Comment! Be the first one.