Can Sui Price Soar to $18 After 740% Rally and Outperform Solana?

As a seasoned researcher with over a decade of experience in the crypto market, I must admit that the meteoric rise of Sui has left me quite intrigued. The way it front-ran Bitcoin and other major players, including Solana, is nothing short of impressive. However, when it comes to predicting future price movements, I’ve learned over the years that even the most astute analysts can be caught off guard by the unpredictable nature of this dynamic market.


In a surprising turn of events, the value of SUI has outpaced Bitcoin and other major cryptocurrencies, propelling it to an astounding 740% increase over the past four months. Currently trading at $3.79, SUI is making waves as Solana’s main rival in terms of popularity and price growth. Given its six-fold surge from the August 5 market low, there’s speculation that Sui could potentially reach $18 and displace Solana as the top performer among the leading 20 cryptocurrencies.

Sui Price Outperforms Solana YTD

For the past four months, Sui, a blockchain designed to provide swift, confidential, and secure digital asset ownership, has been a topic of great interest within the cryptocurrency world. This digital currency presents direct competition to Solana as it boasts being one of the most affordable and quickest layer one (L1) chains available.

This rivalry can be seen in the respective performance of their native coins. The value of SUI performed much better than SOL year-to-date (YTD), gaining 347% versus 115%.

Despite some contenders, it’s clear that Solana continues to reign supreme in terms of social influence. According to Santiment, Solana’s social dominance peaked on November 17 at an 8-month high, whereas Sui’s social standing has been declining since November 10.

As talks about a specific cryptocurrency become more frequent, they often trigger price fluctuations. If these conversations express optimism, it might cause an upward trend in the value of that particular digital asset.

According to his examination of fractal patterns, crypto expert Karl (@karl_xbt) anticipates that the SUI price might climb up to $18. Over the past two months, he noticed significant crossovers at the 50/200 MA and 100/200MA levels on the price chart.

Based on a comparison with Solana’s price movement, Karl believes that the crypto asset could be mirroring Solana’s trajectory and might experience a surge similar to Solana in 2021. In his words, “this pattern hasn’t steered me wrong so far.

Key Resistance and Support Levels for Sui

Based on Sui’s current price forecast, it appears the asset continues to follow an upward trajectory. However, it has faced strong selling pressure around the range of $3.77 to $3.93. This suggests a substantial barrier for buyers at this point. Over the last four days, SUI has attempted several times to breach this level but hasn’t managed to do so successfully yet.

On a 6-hour chart, the Relative Strength Index (RSI) stands at 57.06, indicating it’s trending downward, suggesting that the buying pressure for the asset is diminishing. This decrease might result in a temporary sell-off, possibly causing the SUI price to stabilize near its current value of $3.70 or even dip as low as $3.12.

If the bulls manage to break the overhead resistance first, the price of SUI could surge to $5.23.

Can Sui Reach $18 or Face a Correction?

The price of Sui is almost ready to explode with consolidation reaching its limit, indicating that a significant decision is imminent. With sufficient underlying strength, this asset should easily surpass the current resistance above.

According to Coingecko’s data, I observed a notable surge of 11.9% in the 24-hour trading volume, suggesting an uptick in market activity recently.

According to Coinglass data, traders on Binance, OKX, and Bybit who deal with derivatives are optimistic about the asset’s growth. However, bears seem to be holding their ground as well. The gap between long and short positions is roughly $6 million in a daily context. This suggests that while SUI appears bullish, there could be a shift towards bearishness at any moment due to resistance above and a falling Relative Strength Index (RSI).

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2024-11-20 13:36