SUIUSD Explosive channel Up targeting $7.000Last time we looked at Sui (SUIUSD) we called it in a figure of speech the "Solana killer" (October 29, see chart below), projecting that its current Bull Cycle will be like SOL's 2020 - 2021:
On the current analysis we view SUI on its own on the 1D time-frame and on a much shorter-term horizon. The dominant pattern has been a Channel Up since the August 05 Low and the dynamic that stands out is that during every Bullish Leg, there has been a +138.89% rally.
Technically the rally is initiated after the 1D MACD forms a Bullish Cross and right now we are on the 2nd successive one. As a result, being supported by the 1D MA50 (blue trend-line), we expect at least another +138.89% rally from the recent Higher Low, thus targeting 7.000. As you can see, that is on the 0.786 Channel Fibonacci level, which hasn't been broken since August 13.
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