SUI's move continues after it recorded 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 investor optimism about the token's future price action.
SUI Approaching $5 After New ATH
SUI has been one of the leading cryptocurrencies this bull run, rising over 521% year to date (YTD) and nearly 182% since the start of Q4. The token too he did better the market throughout the Q2 and Q3 going back, recording big gains while most altcoins were struggling.
As the crypto market began to gain steam in preparation for the US elections, SUI saw a period of consolidation shortly after crossing the March ATH. The token hovered between the $1.7-$2.3 price range before continuing the “price discovery” mode in November.
The post-US election pump pushed the price of the cryptocurrency past the $3 barrier and close to the $4 mark before retreating. Nevertheless, the SUI trend resumed on December 5 when it hit the $4.5 mark, fuel according to Bitcoin's first ever rise above $100,000.
The token's rally continued this week, with SUI recording a 14% increase in the past seven days, leading to a milestone of $4.92 last Friday morning. Amazing SUI performance also moved the token to the top 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT).
SUI price to peak in June?
Amid SUI's performance, several analysts noted that the indicator, often referred to as the “Solana killer,” appears to be repeating the path of the 2021 SOL. Mags market watcher comparison both charts, suggesting that investors may not be ready for SUI's upcoming moves.
During the 2020-2021 cycle, Solana saw a large rally that moved its price to its previous ATH. Its price action saw SOL gain steam in late 2020 and head up to its first major high of the year in May 2021. Solana then consolidated for a few months before starting its run, peaking at $259 in late November 2021.
According to Ali Martinez, SUI's performance earlier this year it looked like Solana's first climb at last, jumping to an all-time high of $2.3 before consolidating for a few months. Now that it has broken through the March NEXT high, SUI continues to move similarly to SOL, which may suggest that the indicator is ready for a major rally. soon.
If it continues with this pattern, the cryptocurrency could hit the $5 mark in the coming days after a brief consolidation in the $4.5-$4.8 price range. Crypto Rand Trader has been identified that SUI is in “full bullish momentum,” also predicts it will hit the $5 mark soon.
Another crypto trader with a pseudonym predict that the mark could be close to the $8 barrier by early 2025 and hit the $16 mark by Q2, following the path of SOL. Based on the chart, SUI could see its rally extended until June 2025, when it would hit the highest level around the $40 mark.
As of this writing, SUI is trading at $4.79, up 50% in the monthly period.
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