SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend?
SUI momentum continues after recording 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 investors optimism about the tokens future price action.
SUI Nears $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 Q4 started. The token also outperformed the market throughout the Q2 and Q3 retraces, registering massive gains while most altcoins struggled.
As the crypto market started to gain steam in preparations for the US elections, SUI saw a brief consolidation period after surpassing its 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 propelled the cryptocurrencys price past the $3 barrier and near the $4 mark before retracing. Nonetheless, SUIs momentum resumed on December 5 when it hit the $4.5 mark, fueled by Bitcoins first-ever surge above $100,000.
The tokens rally continued this week, with SUI registering a 14% increase in the last seven days, which led to its latest $4.92 milestone on Friday morning. SUIs remarkable performance also drove the token to the top 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT).
SUIs Price To Peak In June?
Amid SUIs performance, several analysts noted that the token, often called Solanas killer, seems to be repeating SOLs 2021 path. Market watcher Mags compared the two charts, suggesting investors wont be ready for SUIs upcoming movements.
During the 2020-2021 cycle, Solana saw a massive rally that drove its price to its previous ATH. Its price action saw SOL gain steam at the end of 2020 and surge to its first major high of the year in May 2021. Then, Solana consolidated for a few months before resuming its run, peaking at $259 in late November 2021.
According to Ali Martinez, SUIs performance earlier this year resembled Solanas initial climb last cycle, jumping to its $2.3 high before consolidating for a few months. Now that it has broken past its March ATH, SUI continues to move similarly to SOL, which could suggest that the token is poised for a massive surge soon.
If it continues 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. Trader Crypto Rand highlighted that SUI is in full bullish momentum, also forecasting it will hit the $5 mark soon.
Another pseudonym crypto trader predicted that the token could be near the $8 barrier by early 2025 and hit the $16 mark by Q2, following SOLs path. Based on the chart, SUI could see its rally extended until June 2025, when it would hit its peak around the $40 mark.
As of this writing, SUI is trading at $4.79, a 50% surge in the monthly timeframe.
Read more: https://www.newsbtc.com/news/sui-hits-new-ath-can-bullish-momentum-lead-price-to-5-this-weekend/
Text source: NewsBTC
