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Michael Davis
Author
Michael Davis
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Sui (SUI) could be on the cusp of a huge rebound, in wake of the price forming a double bottom. Double bottoms often signal that a price floor has been found, and signify that a rebound could be in coming.
Last around $3.30 per coin, Sui is also in the process of testing its 21DMA, and has formed a short-term pennant structure.
These are yet more signals that a near-term breakout is coming. Firstly, the formation of a price pennant suggests price action is being increasingly confined and that a pop in either direction could be more explosive.
Meanwhile, a convincing break back above the 21DMA could signal that the bulls have regained control of the market, in the short-term at the very least.
Leverage Has Been Reset, Sui Set to Surge?
It’s also worth noting Sui’s early February flash crash. This wiped a huge amount of leverage out of the market and has, so far, marked a local price bottom.
Per coinglass, after reaching as much as $1.5 billion in late January, the aggregated value of leveraged futures positions betting on the Sui price was last around $600 million.
That is a very healthy sign – too much leverage suggests a higher risk of an abrupt price crash.
Low leverage levels also mean that “greed” in the market is lower right now, suggesting risk reward at current prices is good.
If SUI can break above its 21DMA and out of its current pennant structure, a quick rush higher back to the record highs it hit above $5.0 earlier in the year are on the cards.
More broadly, with 2025 set to be a great year for crypto markets as the new pro-crypto US administration makes efforts to support industry growth, SUI could go well beyond $5 this year.
$10 is certainly within the realms of possibility, so long as the blockchain continues to enjoy rapidly growing usage.
Sui Alternative to Consider – Best Wallet
SUI might have 3x potential this year from current levels, but for investors looking for book even bigger gains, the exciting Best Wallet (BEST) token launch is worth checking out.
The Best Wallet Token (BEST), currently in its presale phase, is gaining traction as a promising cryptocurrency tied to the rapidly expanding Best Wallet ecosystem.
As of February 21, 2025, the presale has raised over $10 million, reflecting strong investor interest.
The token powers a next-generation Web3 wallet that supports over 60 blockchains, offering seamless token swaps via Best DEX and a forthcoming crypto debit card with up to 8% cashback.
Analysts highlight its potential for a 10x return in 2025, driven by its utility and market trends.
BEST holders gain fee discounts, staking rewards, and early access to vetted presales, enhancing its appeal.
With a growing user base—Best Wallet boasts a 50% month-on-month increase—and a bull market anticipated mid-2025, the token’s fundamentals suggest significant upside.
Its integration of practical features positions it as a standout contender in the evolving crypto landscape.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
