SUI momentum continues after recording a new all-time high (ATH) on Friday morning. The cryptocurrency rose 4.5% to approach the $5 barrier for the second time this week, fueling investor optimism about the token’s future price action.
SUI Approaches $5 After New ATH
SUI has been one of the leading cryptocurrencies in this bull run, rising more than 521% year-to-date (YTD) and nearly 182% since Q4 began. The token also outperformed the market throughout the Q2 and Q3 retrace, registering huge gains while many altcoins struggled.
As the crypto market began to gain momentum in preparation for the US election, SUI saw a short period of consolidation after surpassing its March ATH. The token hovered between a price range of $1.7-$2.3 before continuing in “price recovery” mode in November.
The post-US election pump pushed the cryptocurrency price past the $3 barrier and closer to the $4 mark before a follow-up. Nevertheless, the momentum of SUI resumed on December 5 when it reached the $4.5 mark, fueled by the first increase of Bitcoin above $100,000.
The token rally continued this week, with SUI registering a 14% increase over the past seven days, leading to its latest high of $4.92 on Friday morning. SUI’s impressive performance has also moved the token into the top 15 cryptocurrencies by market capitalization after overturning Polkadot (DOT).
SUI Price to Rise in June?
During the performance of the SUI, several analysts noted that the token, which is often referred to as Solana’s “killer”, seems to repeat the path of the 2021 SOL. Market watch Mags compared the two charts, suggesting that investors will not be ready for the upcoming movement of the SUI.
During the 2020-2021 cycle, Solana saw a major rally that moved its price to its previous ATH. Its price action saw SOL gain momentum at the end of 2020 and hit a new high for the year in May 2021. It then rallied against Solana for a few months before resuming its run, reaching $259 in late November 2021.
According to Ali Martinez, SUI’s performance earlier this year is similar to Solana’s last bull run, jumping as high as $2.3 before rallying for several months. Now that it has broken its March ATH, SUI continues to move in the same direction in SOL, which may suggest that the token is ready for a major surge soon.
If it continues this pattern, the cryptocurrency may reach the $5 mark in the coming days after a brief consolidation in the $4.5-$4.8 price range. A Crypto Rand trader emphasized that SUI is “in full bullish mode,” and predicts that it will reach $5 soon.
Another crypto trader pseudonym predicted that the token could be close to the barrier of $ 8 at the beginning of 2025 and hit the mark of $ 16 in Q2, following the path of SOL. Based on the chart, SUI could see its rally extend until June 2025, when it will reach a peak around the $40 mark.
As of this writing, SUI is trading at $4.79, a 50% surge over the month-to-month period.
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