As the Bitcoin (BTC) hit the $73000 mark yesterday and fell short of going past its all time high, the bullish sentiment in the crypto market continues. This has caused a surge in altcoins like Sui (SUI) which gained more than 25% in the last 24 hours leading up to October 30 to trade at $2.06.
This surge in Sui price is due to the token flipping Solana (SOL) and Ethereum (ETH) in terms of inflows which strengthened its position amongst major altcoins.
Sui hit a record in capital inflow as it gathered $24.6 million in the last 24 hours from major chains, reveals real-time data from Artemis. While Solana and Ethereum registered a capital inflow of $8.3 million and $10 million respectively.
The outflow data further solidified Sui’s position as it touched $4.8M which is suggesting that crypto investors are gradually shifting towards SUI. Meanwhile Solana and Ethereum registered an outflow of $4.9 million and $43 million respectively.
Sui is also experiencing a cup and handle bullish pattern which indicates further upward movement as the token has retested the neckline to reinforce the bullish sentiment.
The SUI token is targeting the $6.90 level which is a price point for this pattern. If the handle of the pattern fully plays out then this price point will have a significant impact on Sui’s future movements.
The full pattern target of cup and handle lies at $9.60 which is in line with the cup formation, indicating an upward movement from the current level of Sui.
The token has confirmed a bullish breakout after it retested the pattern’s neckline which suggests major gains. The retest is boosting traders’ confidence on Sui upward trend as it validated the possibility of a breakout.
As Bitcoin continues its ATH momentum this it will pull up Sui to attain the bullish breakout as the crypto market’s positive sentiment soars.
At present, on October 30 morning, Sui is trading at $2.07 up by 11.07% in the lat 24 hours while SOL is down 0.70% (at $178) and ETH trading at $2672, up by 2.21%.