Raoul Pal, a former Goldman Sachs executive, is optimistic about the potential breakout of a competitor to Solana (SOL).
Pal shared on the social media platform X that the Tom DeMark (TD) Sequential Indicator is showing bullish signals for the layer-1 platform Sui (SUI) to his 1.1 million followers.
Traders are closely watching the TD Sequential Indicator to anticipate trend reversals based on previous closing prices.
Pal also noted that SUI is on the brink of breaking out from a downward channel, indicating a shift from a bearish pattern.
“Sui: knock, knocking, knocking on heaven’s door.”
Other analysts also believe that SUI is gearing up for a significant move.
The pseudonymous trader Cheds mentioned that if SUI can surpass its immediate resistance, it may experience substantial price rallies.
“$2.50 overhead is a long trigger.”
Crypto trader Michaël van de Poppe highlighted SUI’s growing adoption in decentralized finance (DeFi), particularly for Bitcoin staking and lending, known as Bitcoin DeFi (BTCfi). He also pointed out SUI bouncing off a crucial support level on the three-day chart.
“Once the markets turn bullish again, funds will flow back into strong projects like SUI. It’s worth investigating SUI for:
- BTCFi witnessing rapid growth with 10% of TVL going through SUI.
- DeFi on SUI ranking in the top six among all chains.
- Nearly $6 billion in trading volume on DeFi in the past month.
I believe it has great potential in the upcoming cycle.”
VanEck, the financial giant, predicted that SUI could surge by more than 358% from its current value.
“We anticipate the crypto bull market to continue through 2025, reaching its initial peak in the first quarter. At the peak of the cycle, we foresee Bitcoin reaching around $180,000, with Ethereum trading above $6,000. Other projects like Solana and Sui could surpass $500 and $10, respectively.”
Currently, SUI is trading at $2.18, showing a 4% increase in the last 24 hours.
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