- Nasdaq-listed SUI Group boosts holdings, fueling fresh bullish momentum.
- Analysts eye $7 near term, with $20 long-term potential.
- Token consolidates at support, traders watch for breakout confirmation.
The cryptocurrency market showed mixed activity in the last 24 hours, with total capitalization dipping slightly to $3.81 trillion. Bitcoin and Ethereum traded sideways with marginal increases, and a number of major altcoins went into negative values.
SUI is the only company that has been notable in the general downwards trend, with an increase of over 2% and currently trading at $3.37. The rally came after the acquisition of 20 million more tokens by Nasdaq-traded SUI Group. The move increased the stake of this firm to a value of more than 101 million SUI, equivalent to about $344 million. The firm stated that it currently manages over $300 million in SUI and has $58 million in cash to use in additional transactions.
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Institutional Buying Fuels Analyst Projections
According to analyst Ali Martinez, SUI appears well-positioned to advance toward the $7 mark in the near term. He noted that the token looks attractive at current price levels.
Market commentator Ran was also optimistic, estimating SUI to rise to between 16 and 20 this cycle. Such a perspective means returns of five to six times current values. He further explained that his prediction is backed by the increasing interest in SUI and technical indicators.
At present, the token is trading in a major support zone at $2.64 to $3.17, where buyers have been consistently stepping in. Resistance remains firm at $4.30, which has rejected two breakout attempts. Analysts caution that slipping under $2.65 could weaken sentiment, with deeper losses possible below the June low of $2.30.
Consolidation Points to Possible Breakout
Market activity remains quiet as overall trading volumes continue to decline during the broader correction phase. Analysts consider this a prelude to an upward price action.
In the case of SUI, clearing $3.53 could represent a local bottom, whereas surpassing $3.87 will augur well for the bulls. At this point, the token is still in its current range as investors watch its next move.
Resilience and the massive growth of holdings by Nasdaq-listed SUI Group have compounded bullish anticipations at SUI. With institutional demand rising and analysts projecting targets as high as $20, the token’s performance is drawing growing attention in the market.
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