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Cryptocurrency News Articles
SUI and SOL May Flutter Bullish Flags Over These Cryptos in the Long Term
Sep 30, 2024 at 10:44 pm
Recently, SUI gained significant strength, which pushed the prices above the important resistance zone, which can be considered as a last pitstop
Recent Price Movements in SUI and SOL Tokens
Both SUI and SOL tokens have been exhibiting interesting price movements lately. Let's delve into the details:
Massive Bullish Pattern in SUI Token: The SUI token has been forming a large bullish pattern, and as the price approaches the levels around the neckline, we could see a strong bullish run unfolding. This pattern suggests that a significant upward movement may be on the horizon for the token.
Solana's DEX Volume Compared to Ethereum: Over the past 24 hours, Solana's DEX volume has been showing a remarkable trend when compared to Ethereum. This could be setting the stage for bullish flags to wave over these cryptos in the long term. Keep an eye on how this unfolds.
SOL Price Movements and Key Resistance at $161: The price of SOL token has been closely following the movements of the star token, Bitcoin. Interestingly, both charts bear a striking resemblance. Over the past 50 days, the price has faced crucial resistance at $161 for the third time, which might be signaling bearish signals for the crypto. However, it's worth noting that the SOL price has been largely consolidating between $115 and $200 throughout 2024.
Technical Analysis of SOL Token
Let's take a closer look at the technical aspects of the SOL token:
Price Consoliding Above 200-day MA, Forming a Base: The SOL price has been closely consolidating above the 200-day Moving Average (MA), which is acting as a strong base for the token. This level has been providing significant support throughout the year.
Ichimoku Cloud Flipping Bullish, Signaling a Potential Shift from Bearish Trend: The Ichimoku cloud has just shifted to bullish on the SOL chart, which might indicate a potential change from the bearish trend that we've been observing on the price movements. This could be hinting at a bullish market sentiment.
Anticipation of a Price Rise at the Beginning of the Fresh Quarter, Reaching the Descending Trend LineWe can expect the price to trigger a fine rise at the beginning of the fresh quarter and reach the descending trend line around $173 to $175. At this level, the bears are speculated to offer strong upward pressure, but the bullish market sentiments are believed to revive a notable uptrend. Keep an eye on how this unfolds.
bullish candles in SUI Token Price Movements
Now, let's shift our focus to the price movements in the SUI token:
SUI Price Printing Massive Bullish Candles Since Mid-August ReboundThe SUI price has been printing massive bullish candles ever since the token triggered a strong rebound in mid-August. From a wider perspective, the price is in the last phase of a bullish pattern, and as we zoom out, we can see that another consolidation range is forming, but this time on a higher timeframe.
Price Consoliding in a Narrow Range, Wider Perspective Shows Last Phase of a Bullish PatternFrom a wider perspective, the price is consolidating within a narrow range. However, when we zoom out, we can observe the last phase of a bullish pattern, which might assist the token to form a new ATH (All-Time High) with a breakout from this range. Keep an eye on the price movements.
bullish double-bottom pattern in SUI Token Weekly Price ActionThe weekly price action of SUI token suggests that the token is about to form a double-bottom pattern and rise above the pivotal range. Currently, the weekly RSI has triggered a bearish divergence before entering the upper threshold, while the MACD shows a massive accumulation of buying pressure. Keep an eye on SUI's price movements.
Anticipation of SUI Price Initiating a Fresh Ascending Trend at the Beginning of the Fresh Quarter, Aiding in the Price Rise to New HighsWe can expect the SUI price to initiate a fresh ascending trend with the beginning of the fresh quarter, which might assist the price to rise to new highs. This could be setting the stage for the next leg up in the SUI token's rally.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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