Amid a new wave of economic tensions between the US and China, Sui (SUI), alongside other cryptocurrencies, has experienced a heavy price decline in the past few hours as investors move their capital into more stable assets. Despite this mayhem, prominent market analyst Ali Martinez is backing SUI’s bullish potential, projecting the altcoin to establish a new all-time high before 2025 ends.
In an X post on October 11, Ali Martinez shares an in-depth market analysis indicating that SUI may be on the verge of a major breakout. Notably, the daily SUI/USDT chart reveals a tightening price pattern, suggesting an impending significant price upswing provided the cryptocurrency can achieve a breakout from its current consolidation range.
Based on Martinez’s analysis, SUI is forming a symmetrical triangle pattern that has been developing since early 2025. This structure is typically characterized by converging trendlines, representing lower highs and higher lows, which reflect a period of declining volatility preceding a decisive price move.
According to the chart above, a confirmed breakout above the $3.59 (0.618 Fibonacci retracement level) would trigger a sharp bullish wave. The projected path, based on Fibonacci extension targets, places potential resistance points around $4.25 (0.786 Fibonacci extension), $5.28 (1.0 Fibonacci extension), and ultimately $6.97 (1.272 Fibonacci extension) – $7.00. Therefore, this move could represent a 100% market gain on current SUI prices.
However, investors should also note that a failed breakout or rejection near the upper boundary could lead to renewed weakness. A dip below the $3.18 (0.5 Fibonacci) level would invalidate the bullish setup and expose SUI to potential declines toward $2.82 or even $2.44.
At the time of writing, SUI trades at $2.67, reflecting a steep 24.74% decline over the past 24 hours. Meanwhile, daily trading volume has surged by 295%, signaling heightened market activity as traders react to the sharp selloff. On the broader time frame, SUI has lost 27.85% over the past week, extending its bearish momentum.
The downturn in SUI mirrors the broader crypto market, which has reacted sharply to recent geopolitical developments. Markets tumbled after US President Donald Trump announced plans to impose a 100% tariff on Chinese goods, a move framed as retaliation against China’s reported intentions to introduce sweeping export controls on a wide range of products.
In the aftermath of the announcement, the global cryptocurrency market has dropped 9.75% in the past 24 hours, with total market cap now hovering around $3.75 trillion.
