Highlights:
- SUI is trending toward the $2.34 resistance
- A rally through the $2.34 resistance could pave the way for a FOMO rally to $10
- Trump’s win could give momentum to SUI’s ongoing rally
SUI, like the rest of the market, is in the green today. Comparatively, SUI is outperforming most of the top 100 cryptocurrencies today. In the last 24 hours, SUI has gained by 18.54%, and at the time of going to press, was trading at $2.29. SUI’s price action today is a reflection of the broader market rally, as the Trump win continues to excite investors across the crypto and broader financial markets.
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Trump Win Reinvigorates Crypto Market
Fresh off the news that Donald Trump will be the next U.S. president, the cryptocurrency market remains optimistic about Trump’s pro-crypto stance. Hopefully, it has the potential to launch the U.S. into a crypto-friendly environment.
MSNBC is having a total MELTDOWN. 🤣🤣 pic.twitter.com/Cac29YUN0Z
— American AF 🇺🇸 (@iAnonPatriot) November 5, 2024
Within the last 24 hours, the international crypto market recorded an increase of 5%. This has taken its total market share to about $2.56 trillion. Trading volumes for the last 24 hours have bounced back to around the $236 billion mark.
Major cryptocurrencies registered gains with Bitcoin hitting $75,000 at some point. This development highlights great performance amongst many of the cryptocurrencies. The political dynamics are encouraging potential further development.
This is based on strategies outlined by Trump, such as the creation of a National Bitcoin Reserve and promoting Bitcoin mining in the U.S. There are also hopes for Trump’s assurance to eliminate current head officials of the Securities and Exchange Commission and engage like-minded regulators. This will likely spur further expansion of the market.
Crypto-Friendly Republicans Take Senate
247 crypto-friendly candidates won the elections to Congress for House seats. Equally impressive is that eleven with crypto-friendly ideas won Senate positions. The vast majority of these lawmakers are proponents of the industry.
Some have been advocating legislation that is pro-crypto, which is likely to be a precursor for a change in regulation. The shift in political thinking sets the stage for a new era of cryptocurrency in the United States.
Technical Analysis – SUI Trending Towards Key Resistance
As the market anticipates even more gains due to Trump’s election, SUI’s price chart looks pretty impressive. From the charts, SUI is currently headed to its recent resistance of $2.34.
If SUI can rally through the $2.34 resistance, it opens the way for a rally to new highs with little to no resistance to the upside. In the short term, a continuation of the crypto rally that started with Trump’s election could see SUI easily test $10. In the event of a rally of an all-out bull market, then SUI could easily repeat what Solana did in the 2020/21 bull cycle.
SUI Core Fundamentals Strong
It’s not just the overall market action that supports an SUI rally; its core fundamentals are also getting stronger. SUI continues to be the go-to layer-1 network for most developers looking for lower costs, network stability, and efficiency.
In the past few months, SUI has seen its adoption rocket, as reflected in the number of new active addresses and its TVL. As these metrics continue to grow and the broader market turns bullish, SUI could soon be headed to new highs, with $10 as a realistic price target in the short term.
SUI Drawing in Lots of Hype
SUI also has the benefit of hype as investors look for the next big thing to buy in the current crypto cycle. In the 2020/21 bull cycle, Solana and Terra Luna. This time around, SUI is gaining all the attention thanks to its core metrics and recent price action. This means in the event of an all-out bull market, it will be among the cryptocurrencies that will benefit from FOMO.
🚨 BREAKING: @SUINETWORK IS UP 20% TODAY! $SUI pic.twitter.com/UrAJu0Nifv
— ToreroRomero (@Torero_Romero) November 6, 2024
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