Recently, SUI surpassed the psychological mark of $1 and reached a four-month high of $1.05. However, bears intervened and lowered the price to $0.95 (according to CoinGecko).
Popular analyst Ali Martinez claims that the bull market has already begun. Martinez noted that after an 83% drop during the bear market, SUI demonstrated one of its most significant macro signals. In particular, the points of the Parabolic SAR indicator were below the price on the weekly chart, indicating a transition from a downtrend to a new uptrend. "The indicator is designed to determine the direction of the trend and potential reversals, with points below the price signaling bullish momentum. After such a deep correction, this weekly change suggests that SUI has finally entered a new bull market," the analyst stated.
This is not the first time Martinez has highlighted the asset this month. A few days ago, he outlined three key reasons why the price could soon reach $1.40. Among them is a buy signal from the Tom DeMark Sequential indicator, which was recorded at the end of July, and the SuperTrend indicator, which also changed to 'buy'. Other analysts, such as Lucky and Michael van de Poppe, have also recently noted SUI. Lucky claims that the token shows strong development, a growing ecosystem, and a lot of momentum, expecting SUI to begin a 'magnificent rise'. Van de Poppe warns that SUI may experience a correction (as it already has), but could then rise to $1.16 and $1.60 in the near term.
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