SUI Reaches New All-Time High, Trading Near $5
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
SUI has risen over 521% year-to-date (YTD) and nearly 182% since Q4 started. The token outperformed the market throughout the Q2 and Q3 retraces, registering significant gains while most altcoins struggled.
As the crypto market gained momentum ahead of the US elections, SUI consolidated briefly after surpassing its March ATH, hovering between the $1.7-$2.3 range before entering “price discovery” mode in November.
The post-US election surge propelled the price past $3 and near $4 before retracing. Nonetheless, SUI's momentum resumed on December 5, reaching $4.5, fueled by Bitcoin’s surge above $100,000.
This week, SUI registered a 14% increase, leading to its latest milestone of $4.92 on Friday morning. SUI's performance also moved it into the top 15 cryptocurrencies by market capitalization after surpassing Polkadot (DOT).
SUI’s Price To Peak In June?
Analysts noted that SUI, often referred to as “Solana’s killer,” appears to be following Solana’s trajectory from 2021. Market watcher Mags compared the two charts, suggesting significant movements ahead for SUI.
During the 2020-2021 cycle, Solana experienced a rally that peaked at $259 in late November 2021 after a period of consolidation. SUI's performance earlier this year mirrors Solana’s initial climb, indicating potential for a substantial surge.
If this pattern continues, SUI could reach the $5 mark soon after a brief consolidation in the $4.5-$4.8 range. Trader Crypto Rand noted that SUI is in “full bullish momentum,” forecasting a quick rise to $5.
Another trader predicted SUI could approach $8 by early 2025 and hit $16 by Q2, following Solana’s path. Based on projections, SUI's rally could extend until June 2025, potentially peaking around $40.
Currently, SUI is trading at $4.79, reflecting a 50% surge over the past month.
