Sui (SUI) is back in the spotlight after a remarkable 20% surge in price, leaving investors eager for what could come next. The token, which climbed to $1.85, has reignited interest among traders and analysts alike, as predictions circulate around whether Sui is primed to reach the $5 mark. A prominent crypto analyst suggests that Sui might be in the midst of a third impulse-buying wave, potentially propelling it to new highs and solidifying its bullish stance.
Why Is Sui Price Rising?
The recent Sui rally reflects broader bullish momentum within the crypto market, notably fueled by Bitcoin’s rally above $70,000. This has energized altcoins like Sui, which has outperformed Bitcoin in the past 24 hours, recording a 7.8% gain. Starting from a month-low of $1.59 on October 28, Sui has shown resilience with a steady climb, sparking speculation of continued gains in the coming weeks.
This market shift has coincided with heightened enthusiasm around the upcoming U.S. elections, a period that has traditionally brought volatility and opportunity within the crypto space. For Sui investors, this is a promising sign that broader market trends could positively impact its trajectory.
Can Sui Reach $5? Analyst Predictions and Technical Indicators
Crypto analyst Decode believes that Sui’s recent price patterns align with the Elliot Wave Theory, a method that suggests prices move in identifiable wave patterns influenced by investor sentiment. According to Decode, Sui could be in the third impulse wave—typically a strong buying phase—that may drive the price to around $5.
Although Sui missed the key 2.618 Fibonacci extension zone on its last upswing, Decode notes that the correction completed a smaller Wave 4. This setup positions Sui for a possible fifth wave, which could propel it beyond previous highs to an estimated target of $5.22. Given that analysts are projecting Bitcoin could surge to $300,000, Sui’s potential upside seems compelling, especially as it has a track record of outperforming Bitcoin in rally phases.
While the road to $5 appears plausible, Sui must overcome several technical hurdles. Currently, the price remains below its 50-day exponential moving average (EMA), a resistance level that has capped Sui’s upward momentum over the past week. Additionally, Sui’s price action is still trading within a falling channel, another technical indicator that could limit its potential gains.
However, recent price action has come with a significant increase in trading volume. According to data from CoinGecko, Sui’s 24-hour trading volume surged by 134%, marking the highest level recorded in the last two weeks. This volume spike signals strong buying interest, which could be pivotal in helping Sui break out of its falling channel and surpass the 50-day EMA.
Next Targets and Invalidation Levels
If Sui manages to overcome its current resistance levels, the next key target to watch is $2.36, which would represent an additional 28% gain from its current level. Breaking past this resistance could lead Sui into a “price discovery” phase, where it would have the potential to reach new highs, including the $5 target, within the next couple of weeks.
That said, there’s an invalidation level to keep in mind: if bears manage to push Sui’s price below $1.59, this would likely signal a breakdown from the falling channel, reversing the bullish outlook to a more bearish scenario. In this case, investors would need to reassess the possibility of a pullback, as this level has served as a key support point.
Will Sui Break Through?
With strong market momentum and promising technical indicators, Sui has reignited investor enthusiasm as it aims for the $5 mark. However, overcoming critical resistance levels will be essential for the token to maintain its bullish trajectory. Whether Sui can sustain its recent surge will depend on breaking past the 50-day EMA and the $2.36 resistance level. For now, all eyes are on Sui, as it stands on the cusp of a potential breakout or reversal, with the crypto market waiting eagerly to see which direction it will take.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
