SUI Price: Technical Analysis Points to Potential 25% Upswing

TLDR

• SUI price has surged 6-7% in early trading hours, breaking out of a falling wedge pattern
• Walrus Protocol mainnet launch is driving momentum as a major catalyst
• VanEck predicts SUI could reach $10 in 2025, with current price around $4.67
• SUI has seen 639% increase over the past year and 910% rise from August 2023 lows
• After a 30% drop from $2.36 to $1.69, analyst LA𝕏MAN suggests this may be a new buying opportunity

Sui (SUI) cryptocurrency has been making waves in the market with a strong price breakout and promising growth potential. The token is gaining momentum after rebounding from local lows near $2.5, showing healthy accumulation patterns with decreasing volatility.

The price has surged by 6-7% in early trading hours. This move has pushed SUI past larger cryptocurrencies like Shiba Inu and Hedera in market performance.

A key driver behind this growth is the Walrus Protocol mainnet launch. This popular decentralized storage network is powered by the SUI blockchain and serves as a major catalyst for the token’s rising value.

Technical Analysis

Technical analysis shows SUI recently broke out of a falling wedge pattern. This breakout occurred during the previous trading day and signals potential for further upward movement.

Sui Price on CoinGecko

The bullish start above the wedge resistance is expected to maintain rally momentum. Both the Relative Strength Index (RSI) and Directional Movement Index (DMI) display positive signals with a bullish crossover in the DMI.

However, the Average Directional Index (ADX) continues to decrease. This indicates a drop in rally strength that could lead to consolidation around the local resistance zone of $2.8-$2.85 until more buying volume enters the market.

The current breakout suggests SUI price could trigger a 25% upswing. Analysts believe it may rise above $3 before the end of the month, potentially reaching new all-time highs in the coming days.

Looking at longer-term projections, VanEck has released an optimistic outlook for SUI. The investment firm predicts the token could surpass $10 in 2025, positioning it as one of the top layer-1 cryptocurrencies.

VanEck’s confidence in SUI is reflected in their recently launched Exchange-Traded Note (ETN). This investment product has already shown strong performance with 10.82% growth since its November 2024 launch.

For SUI to reach the $10 mark, its market capitalization would need to expand to $29.3 billion. Analysts consider this feasible when compared to established cryptocurrencies like Tron ($26 billion) and Cardano ($38 billion).

The SUI ecosystem has shown remarkable growth over the past year. Its market capitalization has expanded from under $1 billion to $14 billion, with its DeFi sector reaching $1.8 billion in Total Value Locked (TVL).

Recent strategic partnerships have also bolstered SUI’s position. A collaboration with Ant Digital Technologies focuses on real-world asset tokenization, emphasizing sustainability and innovation in the blockchain space.

For investors who missed earlier opportunities, some analysts see the current price as a potential entry point. After experiencing a 30% decrease from $2.36 to $1.69, crypto analyst LA𝕏MAN has identified key levels to watch: $1.54 as a potential bounce area and a buying zone between $1.36-$1.30.

The token’s overall performance remains impressive despite recent pullbacks. SUI has increased by 639% over the past year and risen 910% from its August 2023 bottom to its current trading level.

The post SUI Price: Technical Analysis Points to Potential 25% Upswing appeared first on Blockonomi.