However, the SUI price currently sits more than 53% away from this record price, putting the altcoin’s struggles into perspective. According to a popular analyst on the social media platform X, the price of SUI could be gearing up for a run-up to a new all-time high.
Firstly, Martinez highlighted the current technical setup of the SUI token, which is trading within a symmetrical triangle on the 2-day timeframe. For context, the symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline and a rising lower trendline.
Given that this technical pattern tends to be a continuation signal, Martinez expects the SUI price to break above the upper trendline, resuming its initial upward movement before entering the triangle. According to the analyst, the token could go as high as $9 if there is a sustained close above this upper boundary at the $3.6 mark
As of this writing, the SUI price stands at around $2.51, reflecting an over 1% jump in the past day. And a move to around $9 would represent an over 260% surge from the current price point.
Meanwhile, the volume of decentralized exchange (DEX) activity on SUI has also been on the rise, reaching a new record high $20.33 billion in October. According to Martinez, this recent spike was driven by real network activity, and not just incentives.
The third on-chain development highlighted is the stablecoin market cap on SUI, which has now climbed to $1.15 billion. Martinez noted that this surge in stablecoin volume underscores the network’s steady growth and strong demand. Ultimately, these positive on-chain fundamentals add to the bullish case of the SUI price.
