TLDR
- In the early hours of trading, SUI's price has surged by approximately 6-7%, successfully breaking free from a descending wedge pattern.
- The launch of the Walrus Protocol's mainnet is serving as a key driving force, acting as a significant catalyst for SUI's upward momentum.
- VanEck anticipates that by 2025 SUI might ascend to the $10 mark, with its present value hovering around $4.67.
- Marking a spectacular increase, SUI has shot up by 639% over the past year and boasts a 910% rise from its lowest point in August 2023.
- Following a notable dip from $2.36 to $1.69, analyst LAšMAN suggests this could be the perfect time to consider buying.
Sui (SUI) cryptocurrency is grabbing attention due to a solid price uptrend and promising potential for growth. After bouncing back from lows near $2.5, the token shows strong accumulation signals and dwindling volatility.
The early trades saw a 6-7% spike in SUI's price, allowing it to outperform market favorites like Shiba Inu and Hedera.
A pivotal role in this growth is played by the Walrus Protocol's mainnet launch, a popular decentralized storage network powered by SUI, which significantly boosts its value.
Technical Analysis
Recent technical analysis reveals SUI has broken out from a downward-trending wedge pattern, hinting at possible continued upward progression.
The upbeat momentum emerging over the wedge resistance is likely to sustain the rally. The positive signs shown by the Relative Strength Index (RSI) and the Directional Movement Index (DMI) highlight a bullish crossover in the DMI.
However, with the Average Directional Index (ADX) on the decline, there may be limited rally strength, resulting in a period of consolidation around $2.8-$2.85 until more buying activity enters.
The latest breakout indicates SUI may rally up to 25%. Analysts anticipate the price could surpass $3 as the month wraps up, setting new records soon afterward.
Reflecting on future projections, VanEck has presented a hopeful vision for SUI, predicting it could rise above $10 by 2025, marking it as a leading layer-1 cryptocurrency.
VanEckās confidence in SUI This optimistic outlook is echoed in their new Exchange-Traded Note (ETN), which has impressively gained 10.82% since its launch in November 2024.
Hitting the $10 target for SUI will require its market cap to grow to $29.3 billion. Analysts argue this is achievable when compared to other cryptocurrencies like Tron at $26 billion and Cardano at $38 billion.
The SUI ecosystem's rapid development is noteworthy, with its market cap skyrocketing from under $1 billion to $14 billion, bolstered by its DeFi sectorās $1.8 billion in Total Value Locked (TVL).
A series of strategic alliances, including a collaboration with Ant Digital Technologies, has strengthened SUI's standing, focusing on sustainable, innovative real-world asset tokenization within blockchain.
Analysts see a window of opportunity for investors at the present price after the token's 30% fall from $2.36 to $1.69. LAšMAN pinpoints $1.54 as a potential recovery zone and identifies a buying opportunity between $1.36 and $1.30.
Despite recent setbacks, SUI's performance is impressive. Over the past year, it increased by 639%, and from its August 2023 low point, itās climbed 910% to its current position.
