SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend?

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As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. Yet, the performance of SUI this year has left me quite intrigued. Comparing its current trajectory to Solana’s 2021 path is not just an analogy but a striking resemblance that warrants attention.

SUI momentum continues after recording a new all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% to near the $5 barrier for the second time this week, fueling investors’ optimism about the token’s future price action.

SUI Nears $5 After New ATH

In this ongoing bull market, SUI has stood out as one of the top performers, surging by more than 521% since the beginning of the year and approximately 182% from when the fourth quarter began. Notably, during the corrections in the second and third quarters, the SUI token significantly outpaced the market, earning substantial profits while many other altcoins faced difficulties.

During the build-up to the U.S. elections, the crypto market began picking up momentum. Following its all-time high (ATH) in March, SUI went through a temporary phase of stability. This period saw the token fluctuating between $1.7 and $2.3. Later in November, it resumed its “price exploration” mode.

After the United States election, the price of the cryptocurrency surpassed $3 and almost reached $4, but then dropped back. However, on December 5, SUI’s value increased again and reached $4.5 due to Bitcoin crossing over $100,000 for the first time, which provided momentum.

This week, the value of the token surged, resulting in a 14% increase over the past seven days and reaching a new milestone of $4.92 million on Friday morning. Moreover, SUI’s exceptional performance enabled it to move up the rankings, replacing Polkadot (DOT) to become one of the top 15 cryptocurrencies by market capitalization.

SUI’s Price To Peak In June?

As SUI continues to perform, various analysts have pointed out that the token, sometimes referred to as SOL‘s rival, appears to be mirroring SOL’s trajectory from 2021. Market observer Mags compared their charts, implying that investors should brace themselves for any potential shifts in SUI’s market behavior.

From the 2020-2021 period, Solana experienced a significant upward trend that pushed its value to a new record high (ATH). The price momentum began to build towards the end of 2020 and escalated further to reach its first notable peak of the year in May 2021. After a brief pause for several months, the growth resumed, culminating in a peak of $259 in November 2021.

As stated by Ali Martinez, SUI’s performance this year appears to mirror Solana’s growth spurt during the previous cycle. It reached its peak of $2.3, then stabilized for several months. Now, having surpassed its March all-time high, SUI seems to be following a trajectory similar to that of SOL. This might imply that the token is on the verge of a significant upward trend in the near future.

If it maintains this trend, the cryptocurrency might reach $5 within the upcoming days following a short period of stabilization between $4.5 and $4.8. According to Trader Crypto Rand, SUI is currently experiencing strong bullish momentum and he predicts it will surpass the $5 mark in the near future.

A well-known crypto trader using a nickname anticipates that the token price might reach about $8 by early 2025 and potentially climb to $16 by mid-year, mirroring SOL’s trajectory. According to current chart projections, the value of SUI could continue its upward trend until June 2025, peaking around the $40 level at that time.

As of this writing, SUI is trading at $4.79, a 50% surge in the monthly timeframe.

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2024-12-14 12:04