Veteran trader Peter Brandt spotlighted a major bottom on the SUI price weekly chart, predicting a further rally ahead.

Veteran trader Peter Brandt spotlighted a major bottom on the SUI price weekly chart, predicting a further rally ahead. The forecast comes as the Sui blockchain prepares to launch confidential transactions for free and private payments. SUI price has skyrockted more than 20% today. Peter Brandt Signals Major SUI Price Rally SUI price has made a “major bottom” on the weekly chart, veteran trader Peter Brandt said in an X post on May 11. The bottom is formed after a steep decline from $5 highs since last year. The price has rebounded sharply from support near $0.90 level, posting more than 20% rise to $1.31 over the last 24 hours and almost 50% gain in a week. Furthermore, trading volume has jumped 290% over the past 24 hours. Peter Brandt predicts SUI price is set for a major rally in the coming weeks, saying the “price will trend substantially higher from current levels.” The chart pattern and massive trading volume suggest a potential trend reversal. It saw slight profit booking as price hits the 200-SMA on the daily chart. Other analysts, including Ted Pillows and Crypto Tony, also noted a further SUI price rally. Key Catalysts Behind the Huge Upside Momentum The bullish technical signal combines with new developments on the Sui network. Adeniyi Abiodun, co-founder and Chief Product Officer at Mysten Labs, announced plans to launch confidential transactions this year. This Sui development will bring “free, private payments at scale” to the entire internet this year. Key features include zero-fee stablecoin transfers and privacy preserving mechanisms that maintain full regulatory compliance. He claimed it will expand to stocks, bonds, real-world assets (RWA), and other assets after initial support for stablecoins. This could help bring upside momentum in SUI price. Moreover, Nasdaq-listed Sui Group Holdings (SUIG) staked 108.7 million SUI tokens. It corresponds to 2.7% of the circulating supply. SUIG stock also jumped 11% to $1.79, as per Yahoo Finance.

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