Solana ($SOL) and Sui ($SUI) ready to go higher despite volatility

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As a seasoned researcher with years of experience in the crypto market, I find myself consistently drawn to the promising potential of Solana ($SOL) and Sui ($SUI). These two layer 1 contenders are not just outperforming their peers but also setting the pace for the entire market, even surpassing Bitcoin itself.

Leading cryptocurrency networks on the first layer, Solana ($SOL) and Sui ($SUI), might be poised for an upward trend, even amidst heightened market volatility.

In simpler terms, Solana ($SOL) and Sui ($SUI) are rivals in the same league as Ethereum ($ETH) when it comes to blockchain networks. Currently, they’re not just outdoing other layer 1 networks but also Bitcoin ($BTC) itself. The question is, will these two digital currencies maintain and even expand their lead in the future?

Next $SOL target $237

Similarly to Bitcoin ($BTC), the Solana ($SOL) price has broken through the upper boundary of a bullish pattern known as a flag and appears to be climbing further, despite significant volatility that has seen the price fluctuating wildly in both directions. The potential next stop for $SOL is anticipated to be the 1.272 Fibonacci level at approximately $237, just another $20 above its current trading price of $217.

Strong upside price momentum likely to push $SOL to all-time high soon

Looking at a two-week perspective, the Solana ($SOL) price trend seems quite optimistic. There’s a minor barrier at the present price point, but given the strong push from the powerful breakout of the bull flag formation, it appears that this hurdle will be overcome with relative ease.

The strong incline in the 2-week Stochastic RSI suggests a positive trend for $SOL. Both indicators are pointing upwards, implying this upward momentum could continue for several more weeks. This might indicate that $SOL is on track to surpass its previous record high soon.

$SUI bulls eye $4.16, then $5 price targets

Speaking plainly, the SUI chart’s performance is nothing short of remarkable. Since early August this year, it has experienced a staggering increase of 645%. Remarkably, this upward trend continues. At present, a cup and handle chart pattern is unfolding, with the potential move as indicated in the chart above standing at approximately $4.16.

After exceeding the 1.618 Fibonacci level, the significant future goal for $SUI lies at the 2.618 Fibonacci point, approximately $5. Despite the favorable price trend, $SUI bulls should remain vigilant about the Relative Strength Index (RSI) as the price nears the $5 resistance. This could align with a highly overbought signal, potentially causing a substantial pullback in the $SUI price.

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2024-11-14 17:08