Sui price was hovering near its all-time high of $3.93 as the recent surge took a breather. The token was trading at $3.73, up by 933% from its record low of $0.3706 as analysts remain optimistic about its price action during this crypto bull run.
SUI Price Analysis: Could It Hit $10?
SUI, a fast-growing layer-2 network, has had a spectacular bull run this year, making it one of the top–top-performing cryptocurrencies. Its market cap has jumped from $360 million in January to over $10 billion today.
On the daily chart, Sui’s token has flipped several important resistance levels into support levels during this bull run. It climbed above the key resistance point at $2.1725 on November 76. This was a crucial level since it was its highest level in March, and the upper side of the cup and handle pattern.
Sui also soared above $2.3585, its highest level in October, invalidating a small double-top pattern that was forming. A double top is one of the most popular bearish reversal signs in the market.
Sui has moved about 58% above the 50-day moving average and 95% higher than the 100-day EMA. That is a sign that the price has had strong momentum but puts it a risk of mean reversion, where it drops to the moving average.
The Average Directional Index (ADX) indicator has jumped to 38, signaling that the trend is strong. Also, the Stochastic Oscillator and the Relative Strength Index (RSI) have all moved to extreme overbought levels.
In the long-term, SUI price will likely have more upside, and potentially rise to $10, which is a 170% increase from the current level. Odds of this surge will increase when it flips the key level at $5.
However, the climb towards $10 will not be linear, and there is a risk of mean reversion. In this case, the token will likely drop to $2.35 and then resume the bullish trend, a situation known as break and retest. A drop below the support at $2.17 will invalidate the break-and-retest and point to more downside, potentially to $1.
SUI Blockchain Is Doing Well
Fundamentally, Sui’s network is doing well as the number of active accounts soared to 30 million for the first time ever.
Its DeFi total value locked has jumped to an all-time high of $1.6 billion, according to DeFi Llama.
Additionally, the amount of cryptocurrencies traded in its DEX ecosystem has jumped to a record high of $30.5 billion, making it one of the top blockchains.
Sui is also growing in other industries like gaming and Real World Tokenization (RWA), which will create more utility for the token.
Therefore, a combination of strong fundamentals and technicals may push the SUI price up to $10 when the altcoin season arrives. The altcoin season index has moved to 39, meaning that it has a long way to get to 75. If this happens, hyped tokens like SUI will continue soaring.
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