SUI momentum continues after recording a brand new all-time excessive (ATH) on Friday morning. The cryptocurrency surged 4.5% to close the $5 barrier for the second time this week, fueling buyers’ optimism concerning the token’s future worth motion.
SUI Nears $5 After New ATH
SUI has been one of many main cryptocurrencies this bull run, rising over 521% year-to-date (YTD) and almost 182% since This fall began. The token additionally outperformed the market all through the Q2 and Q3 retraces, registering huge features whereas most altcoins struggled.
Because the crypto market began to achieve steam in preparations for the US elections, SUI noticed a short consolidation interval after surpassing its March ATH. The token hovered between the $1.7-$2.3 worth vary earlier than persevering with the “worth discovery” mode in November.
The post-US election pump propelled the cryptocurrency’s worth previous the $3 barrier and close to the $4 mark earlier than retracing. Nonetheless, SUI’s momentum resumed on December 5 when it hit the $4.5 mark, fueled by Bitcoin’s first-ever surge above $100,000.
The token’s rally continued this week, with SUI registering a 14% enhance within the final seven days, which led to its newest $4.92 milestone on Friday morning. SUI’s outstanding efficiency additionally drove the token to the highest 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT).
SUI’s Worth To Peak In June?
Amid SUI’s efficiency, a number of analysts famous that the token, typically referred to as “Solana’s “killer,” appears to be repeating SOL’s 2021 path. Market watcher Mags in contrast the 2 charts, suggesting buyers received’t be prepared for SUI’s upcoming actions.
In the course of the 2020-2021 cycle, Solana noticed a large rally that drove its worth to its earlier ATH. Its worth motion noticed SOL achieve steam on the finish of 2020 and surge to its first main excessive of the yr in Could 2021. Then, Solana consolidated for just a few months earlier than resuming its run, peaking at $259 in late November 2021.
Based on Ali Martinez, SUI’s efficiency earlier this yr resembled Solana’s preliminary climb final cycle, leaping to its $2.3 excessive earlier than consolidating for just a few months. Now that it has damaged previous its March ATH, SUI continues to maneuver equally to SOL, which might recommend that the token is poised for a large surge quickly.
If it continues this sample, the cryptocurrency might hit the $5 mark within the coming days after a short consolidation within the $4.5-$4.8 worth vary. Dealer Crypto Rand highlighted that SUI is in “full bullish momentum,” additionally forecasting it should hit the $5 mark quickly.
One other pseudonym crypto dealer predicted that the token may very well be close to the $8 barrier by early 2025 and hit the $16 mark by Q2, following SOL’s path. Primarily based on the chart, SUI might see its rally prolonged till June 2025, when it will hit its peak across the $40 mark.
As of this writing, SUI is buying and selling at $4.79, a 50% surge within the month-to-month timeframe.
