SUI’s momentum continues after setting a new all-time high (ATH) on Friday morning. The cryptocurrency rose 4.5% to approach the $5 barrier for the second time this week, sparking investor optimism about the token’s price movement going forward.
SUI nears $5 after new ATH
SUI has been one of the leading cryptocurrencies in this bull run, rising over 521% year-to-date (YTD) and nearly 182% since the start of Q4. The cryptocurrency also outperformed the market throughout the Q2 and Q3 bounce, posting massive gains while most altcoins struggled.
As the cryptocurrency market begins to gain strength in preparation for the US elections, SUI saw a brief period of consolidation after surpassing March’s ATH. The token was hovering between the $1.7 to $2.3 price range before continuing into “price discovery” mode in November.
The US post-election pump pushed the cryptocurrency’s price past the $3 mark and near the $4 mark before retreating. However, SUI’s momentum resumed on December 5 when it reached the $4.5 mark, fueled by Bitcoin’s first-ever rise above $100,000.
The token’s rally has continued this week, with SUI recording a 14% increase in the past seven days, taking it to $4.92 on Friday morning. SUI is awesome performance It also led the token into the top 15 cryptocurrencies by market cap after flipping Polkadot (DOT).
SUI price to peak in June?
Amid SUI’s performance, many analysts noted that the token, often called the “killer” of Solana, appears to be repeating SOL’s trajectory for 2021. Market Watchers Magazines comparison Both charts suggest that investors will not be prepared for SUI’s upcoming moves.
During the 2020-2021 cycle, Solana saw a massive rally that pushed its price back to its previous ATH. Its price action saw SOL gain strength at the end of 2020 and rise to its first major high of the year in May 2021. After that, the Solana coin stabilized for a few months before resuming its rally, peaking at $259 in late November 2021.
According to Ali Martinez, SUI’s performance earlier this year resembled Solana’s initial rise in the last cycle, jumping to a high of $2.3 before consolidating for a few months. Now that it has surpassed March’s ATH, SUI continues to move similarly to SOL, which could indicate that the token is poised for a massive rally soon.
If it continues this pattern, the cryptocurrency could reach the $5 level in the coming days after a brief stabilization in the $4.5-$4.8 price range. Rand crypto trader Highlight SUI is in “full bullish momentum,” and is also expected to reach the $5 mark soon.
Another pseudonymous crypto trader anticipation That the token could be near the $8 barrier by early 2025 and reach the $16 mark by Q2, following the path of SOL. Based on the chart, SUI could see an extension of its rally until June 2025, when it will peak around the $40 mark.
As of this writing, SUI is trading at $4.79, an increase of 50% on the monthly time frame.
The post SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend? first appeared on Investorempires.com.