After a strong start in August, the SUI price struggled to build on its momentum in the second half of the month. The altcoin’s price crashed from a local high of above $4.1, reaching around $3.2 to start the new month of September.
This prediction is based on the appearance of an ascending triangle pattern on the daily Bitcoin chart. The ascending triangle is a technical analysis pattern that features an inverse right-angled triangle with a horizontal upper boundary (connecting a series of lower highs) and a diagonal rising lower trendline (connecting the swing lows).
While Martinez still expects the SUI price to retest the lower trendline one more time before breaking out of this pattern, the final target for the altcoin is set around the $7 mark. The price target for an ascending triangle pattern is usually calculated by adding the vertical distance between the horizontal and lower trendlines to the breakout point.
Going by this method, Martinez puts the target for the SUI at over 110% from the current price point and 30% from the all-time high of $5.8.
As of this writing, the price of SUI stands at around $3.38, reflecting an over 2% jump in the past 24 hours.
