SUI Crypto Price Prediction and Forecast: How High Can it Go?
SUI is up by over 80 percent in the first half of this month. The aggressive price surge is a continuation of a bullish trend that started in November when it rose by 34 percent, a trend that continued into last month, with a 30 percent price gain.
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SUI crypto overview
Part of the reason SUI price has surged this month has been due to the recent announcement that Bitcoin ETFs had been approved by the Securities and Exchange Commission (SEC).
However, unlike other cryptocurrencies, which moved aggressively upon the positive news cycle and then stopped trending upward when the ‘hype’ died down, SUI has been among the few altcoins that have continued to trend upwards.
Why is SUI trending Upward?
To understand SUI’s upward trend, it’s important to consider the project’s core aspects and why investors are optimistic.
Part of the reason why the project has gained traction and has been on an upward trajectory is its continued growth in userbase and other fundamental data.
For instance, its total value locked escalated from just above $30 million in October 2023 to over $330 million, marking almost a 1,000 percent increase. This growth is a key factor that attracts investors.
The surge in SUI’s user base is closely linked to its founders’ credibility and the project’s advanced technology.
The founders, former Meta (Facebook) employees Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias, launched SUI on May 3, 2023, through Mysten Labs. Their expertise and experience in the tech industry have instilled confidence among users and investors, contributing to the rapid adoption of the project.
SUI itself is a Layer 1 blockchain and smart contract platform. It aims to foster Web3 adoption by offering speedy transactions and scalability.
The project employs the Move programming language and a delegated proof-of-stake consensus mechanism. These technological advancements have been pivotal in building user trust, directly impacting the project’s growth since its inception.
Therefore, the combination of a strong founding team and innovative technology has been instrumental in SUI’s consistent growth and positive market sentiment since its launch.
See related crypto forecasts for: AVAX | SHIB | Kusama | Sushi | BONK
SUI Price Prediction
Since breaking out of the broadening channel on January 11, SUI has been in an aggressive bullish trend that has seen its price rise by 4 percent this week, extending last week’s 56 percent gain in the markets.
The aggressive bullish trend, however, has slowed down on January 13, with prices starting to trade sideways, as seen in the 4-hour chart above. On Monday, SUI failed to break the $1.44 resistance level a number of times. The rejection resulted in the current pullback that has seen today’s SUI price dropping by almost 5 percent.
Summary
For the short term, based on the 4-hour chart shown above, we expect the current pullback to continue, hitting a possible support level of $1.25. However, in the long term, we expect a rebound from the support level, with a sight of a bullish trend that breaks the previous resistance level of $1.44 and proceeds to trade above the $1.5 psychological price level.
Once $1.5 is hit, we could see the next major resistance level being $2.0. If broken, the sky could be the limit for SUI in 2025 and beyond.
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