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- Sui has been predicted to hit $20 but would first have to breach crucial resistance levels at $3.95, $3.50, and $3.60.
- The asset has also been reported to follow the movement of Solana (SOL) in the previous cycle to decline by 65% before staging its bull run.
Sui (SUI) exists as one of the top performers in the crypto industry as it recorded more than 813% surge in 2024. According to our market data, the asset has made a 195% surge in the last 90 days, eclipsing most of the leading cryptos. Fascinatingly, this run is expected to continue in 2025 as it launches a cross-chain USDC transfer protocol to enable smart transfer across different blockchains. According to reports, this initiative would improve liquidity and simplify the stablecoin usage on the network.
Recently, Sui hit a yearly high of $4.9, which analysts believe was fueled by the announcement of Backpack’s integration with the blockchain. Its user activities have significantly increased, as evident in its Total Value Locked (TVL), which skyrocketed to a new all-time high. According to DefiLlama, the TVL was recently at $1.84 billion.
More About the Sui Price Analysis
Currently, the 10-day Moving Average of Sui is $4.43. The 50-day Moving Average is also at $3.43. According to analysts, these levels indicate that the price trend is still positive. Additionally, the Relative Strength Index (RSI) confirms this level of sentiment as it stands at 60. This implies that Sui still has a lot of buying opportunities ahead before reaching the overbought zone. The MACD indicator is also in the positive territory at 0.35.
Once another rally is confirmed, Sui could hit $5.71, which is a mid-level resistance, and proceed to $6.80, which is in line with the Fibonacci projections. From this point, the asset could proceed to $7.73. However, failure to break into the $5.23 resistance level could cause the asset to find support at $4.50 before “charging up” again.
Joining the Sui discussion, a crypto analyst identified as Conor Kenny has disclosed that the asset could follow the path of Solana (SOL) in the previous cycle.
According to him, SOL’s previous rally by 1000% was marked by an initial 65% pullback. If this is anything to go by, then Sui would decline to $1.85 before making an upward move to $20–$25. Meanwhile, resistance has been found at three key areas – $3.95, $3.50, and $3.60.
The Best Thing to Buy
In November, analyst Michaël van de Poppe indicated that Sui is the best thing to buy, as CNF reported. Analyst CryptoMan also highlighted that the asset was trading within a downsloping resistance and horizontal support. With this, he predicted last month that the asset could hit $4 by year-end and proceed to hit $10 in the long term. At the time of his prediction, Sui was trading at $1.8.
Markets might be down, but I’m buying more $SUI @SuiNetwork ! 💸
With $24.3M in net inflows—outperforming both Solana and Ethereum—$SUI is quietly gaining strength and currently approaching a level of support, which I think is crucial for further upward momentum. I believe the… pic.twitter.com/PBFGTiez6X— Crypto Man (@Crypto_Man03) November 4, 2024
