10 Jan 2025 Morgan Hayze
SUI Marks A Fruitful 2024, Exploding To Over $5
After growing quickly, SUI, a layer-1 blockchain technology that has been tipped to be the next Solana, has seen significant price traction. Its price has increased by more than 500% in the last year, and this outstanding growth pattern is anticipated to continue. Since being public, the price of SUI has increased by more than 1200% after plunging to a low of $0.36 in October 2023.
The Sui price has shown impressive price activity in recent days, despite the cryptocurrency market's efforts to restore impetus. This project reportedly outperformed leading altcoins like Ethereum, Solana, Ripple, Cardano, and Dogecoin after a 20% increase in just ten days.
Source: CoinMarketCap
Will Sui try to reach a new all-time high this weekend, given the rising channel pattern's consistent upward tendency during the daily time frame? Cryptobrowser’s panel of experts responds to queries such as "Is now a good time to invest in Sui crypto?" and "How high will SUI price go?"
The price of SUI coins shows further bullish activity
By continuing its bullish behavior throughout the previous week, the SUI cryptocurrency token has defied all odds. Since the beginning of November 2024, the Sui price has been trading within a rising channel pattern.
Additionally, this Layer-1 project has reached significant benchmarks. Notably, the Total Value Locked (TVL) for this project has surpassed $2 billion. Furthermore, this altcoin is still seen as being extremely inexpensive, with 6.98 billion SUI tokens, or 69.75% of the total, locked. There is a lot of conjecture that this gain is due to meme coins and a surge in developer activity on the SUI network.
Developer engagement will increase since its TVL is predicted to grow even larger than this, and more community involvement may play a significant role in SUI reaching new all-time highs and increasing its market capitalization in the upcoming months.
Technical Sentiments of Sui
Over the course of the day, the Relative Strength Index (RSI) remains above the neutral mark. Additionally, the price trend is consistently supported by its average trendline. This points to a promising future for the price of the Sui coin.
On the other hand, the Sui price chart's SMA indicator is about to undergo a bearish convergence. For the 12th largest cryptocurrency by market capitalization, this points to a mixed pricing sentiment.
In January 2025, will the price of SUI reach $6.60?
Assume that the price of the Sui coin keeps rising. This altcoin might then retest its all-time high of $5.35. It might be possible for this altcoin to test its upper aim of $6.60 if the price stays above that level.
In contrast, the SUI cryptocurrency may fall below its crucial support level of $4.75 and retest its support trendline of the rising channel pattern if a trend reversal takes place. Additionally, the price of the Sui token may move closer to $4.50 if the pessimism increases.
