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As the trade is heading towards the end of the bearish September, the markets are exhibiting the possibility of a reversal. In the meantime, the altcoins like Sui, which faced a bearish blockade a few weeks ago, are on the verge of going parabolic. While most of the tokens faced bearish heat at the beginning of the month, the SUI price remained elevated when it started in August. Therefore, the price is expected to maintain a healthy upswing in the next few days, which may elevate the levels by another 40%.
In a recent update, the Circle is announcing native USDC on SUI, which has kept up the bullish momentum. Moreover, yet another big announcement is expected to happen shortly, which may bring a huge retail brand onto the platform. The SUI price has risen back into a technical HTF uptrend again, forming consecutive higher highs and lows while the key level has been taken out already. Hence, the price is expected to surprise many in the next few weeks or months.
Will the SUI price form a new ATH above $2.2 in October?
The latest upswing has triggered a breakout from the descending parallel channel and the bulls are successfully holding the rally above the gains. The price has failed to break the crucial resistance at the 200-day MA at $1.099 over the past couple of days. However, after testing multiple times, the resistance could have become slightly brittle. As the volume has gained some momentum, the bullish continuation appears to be imminent. Moreover, the DMI is approaching a bullish crossover as the ADX initiates a bullish rebound.
Therefore, the price remains consolidated for a while, which may bring the +Di & -Di closer to each other for a bullish crossover. Once this move materializes, the SUI price rally may gear up and secure a rise above $1.5, confirming a rise in bullish dominance. The current trade setup does not show a bearish possibility and if it occurs, the resistance of the channel may offer strong support & push prices towards $2.