How high can Sui rally after 250% activity surge? Analyst says…

From early June, Sui [SUI] token prices have hovered around the $0.65 low, but this changed rapidly over the past few days of trading. The Bitcoin [BTC] momentum translated well across the crypto market, and many alts have seen double-digit percentage gains this week.

SUI was one such, rallying 27.5% in three days, from $0.65 to $0.83 at the time of writing. Beyond the market-wide bullish sentiment, the Aftermath Perpetuals Futures V2 going live on the Sui mainnet also likely helped bolster sentiment.

Two audit reports have been published, and 15 markets, including Bitcoin, gold, and silver, have gone live onchain.

The $0.78-$0.83 supply zone was smashed apart fairly easily during the rally, and has since been retested as support. This has opened the way for a bigger price move toward $1.25 or higher.

Arguments for SUI as a buying opportunity

In a series of posts on X, crypto analyst Ali Martinez explored why the Sui token was about to rally and take market participants unawares.

The TD Sequential technical indicator on the monthly timeframe gave a buy signal. Generally, such a shift signals a potential 1-4 month upswing in price action.

SUI on the monthly chart was also forming a doji star on the monthly timeframe, a pattern that tends to accompany the end of a downtrend.