Michael van de Poppe sees bullish signals for SUI

Crypto analyst Michaël van de Poppe sees multiple signals in SUI’s technical analysis that point to an approaching price move. On the weekly chart, the three-day chart and the daily chart, bullish divergences are visible in both the MACD and the RSI. Although such patterns can take weeks or even months to break out, Van de Poppe expects the move to be substantial once it gets under way.

In brief:

• Van de Poppe identifies bullish divergences across multiple timeframes for SUI against Bitcoin and the dollar.
• He compares the pattern with that of Arbitrum, which recently rose sharply after a similar build-up.
• SUI Basecamp is scheduled in a few weeks, with expected announcements that should further expand the ecosystem.

Divergences across multiple timeframes

Van de Poppe shares two charts: the SUI/BTC price on the weekly chart and the SUI/USD price on the three-day chart. Both show a pattern in which the price makes lower lows, while the MACD and RSI actually make higher lows. Analysts call this a bullish divergence, a signal that selling pressure is easing while the price is still falling.

On the weekly SUI/BTC chart, Van de Poppe marks a possible resistance zone around 0.00002073 BTC. The current price is well below that, at around 0.00000907 BTC. According to him, the pattern points to so-called mean reversion, in which a price returns to an average level after a prolonged decline, which he sees as a harbinger of further gains.

Comparison with Arbitrum and SUI Basecamp

Van de Poppe draws a comparison with Arbitrum, which previously showed a similar technical build-up before the price rose sharply. He states that investors need patience at this stage, because the price can continue to fall while the technical indicators are already forming higher lows. That can be misleading and frustrating, but according to him it is characteristic of the run-up phase of a larger move.

An additional factor is the upcoming SUI Basecamp event, which takes place in a few weeks. Major announcements are expected there that should further strengthen the ecosystem. Van de Poppe notes that ecosystem growth and token price do not always move simultaneously, but that the price effect will eventually materialise. He regards SUI as one of the strongest ecosystems in the sector and sees the current price levels as an entry point.

Bitcoin is currently at $75.700, a decline of 0.3% in the past 24 hours. We previously wrote about Bitcoin at the range low ahead of the FOMC meeting and the possible consequences of a hawkish tone for the broader market.