As a seasoned analyst with over a decade of experience in the crypto markets, I have witnessed numerous ups and downs, bull runs, and bear markets. However, the current momentum surrounding Sui (SUI) has piqued my interest like never before. With its impressive 12% surge today and the potential to outperform Solana, it’s hard not to get excited about this “Solana Killer.
With cryptocurrency markets experiencing a surge, there’s intense focus on the value of Sui (SUI), which is almost ready to surpass its past record high. Known as the “Solana Challenger,” SUI boasts an intriguing forecast for November 2024. A bullish pattern in its chart suggests substantial growth for the price of SUI, generating enthusiasm among investors and discussions about its ability to outshine Solana.
Why Is Sui Price Up 12% Today?
On October 30th, the cost of SUI experienced a rise of 12% during the pre-market hours in London, reaching a trading value of $2.07. This crypto asset has been performing exceptionally well within the top 100 cryptocurrencies by market capitalization. Known as the “Solana Killer,” SUI has also seen a growth of 9.8% relative to Bitcoin, moving closer to surpassing its previous record high of $73,738.
It’s probable that the SUI price is rising due to the surge in Bitcoin’s value over the last week. Currently, it stands at $73,562, just under $200 away from its all-time high (ATH) reached during the March 2024 mini bull run.
The rising cost might also be attributed to the expanding network and optimistic investment outlook among market participants.
November 2024 Sui Price Prediction: New All-Time High
According to data from CoinGecko, the 24-hour trading volume of this asset has surged by 97%, and given the rising price, it appears that many traders are eagerly purchasing this asset, suggesting a high demand.
The Coinglass liquidation chart further reinforces this point by demonstrating that around five times more traders are holding Long positions (amounting to approximately $83.35 million) than Short positions ($17 million). This disparity suggests that a bullish mindset is prevailing in the market, as investors seem optimistic about the asset’s potential for significant growth in the future.
Support for the price is strong at approximately $1.93 and $2.03, as well as $1.79, but resistance levels are relatively weak. The largest short positions on Binance, OKX, and Bybit total around $600,000, while long positions reach up to $1.5 million. This suggests a significant buy pressure, implying the price may rise further in November 2024.
On the fifth day from now, the U.S. presidential election will transpire to decide who will be the next leader of the United States. Predictions on Polymarket’s market indicate that Donald Trump has a high probability of victory with a 66% chance compared to Kamala Harris at 32%. If Trump wins, this is seen as beneficial for cryptocurrency and could potentially cause a significant rise in the crypto market, including the price of Sui. A study by Kraken explains why votes from crypto enthusiasts might influence the election outcome on November 5th.
Sui “Solana Killer” Eyes $10 For November 2024
The cost of Suirise continues to increase, approaching a crucial resistance point. Notably, the graph for Suirise has taken on a bullish Cup and Handle (C&H) configuration. If the price surpasses the neckline of this pattern, it might potentially climb up to $10.
As a researcher examining the price trajectory of SUI, I predict that an initial resistance may emerge around $2.70 due to its alignment with a rising channel that the price action appears to be adhering to. Nevertheless, should buy pressure remain robust, SUI could potentially ascend into a full parabolic curve, potentially reaching $10 by the end of November 2024.
In simpler terms, if the price of SUI doesn’t manage to surpass a certain resistance level (the neckline in C&H) and instead falls below $0.6, this could indicate a significant downturn in the market. This downward trend would contradict the current optimistic outlook about SUI’s price.
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2024-10-30 11:44