Highlights:
- SUI range bound but bullish sentiment rising
- SUI could rally to $3 if bulls push the price through the $2.086 resistance
- An overall bullish market could help drive SUI to $3 or higher
SUI is in the green today as the broader market starts showing signs of a potential rebound. In the last 24 hours, SUI has gained by 2.22%, and at the time of going to press, was trading at $1.93. However, trading volumes have dropped by 5.70% to stand at $610.61 million.
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Technical Analysis – SUI Range-Bound But Bullish Sentiment Rising
From the charts, SUI is gaining but is still stuck in a range between the $2.0866 resistance and $1.7420 support. This means that despite the intra-day gains, SUI could go either way in the short term.
On the one hand, if bulls take control and push SUI through the $2.0866 resistance, then the key level to watch would be SUI’s recent high of $2.343. A rally through this could easily see SUI hit prices above $3 in the short term. On the other hand, if bears take control and push SUI through the $1.7420 support, then a correction to $1.60 could follow.
SUI Core Fundamentals Favor a Bullish Breakout
Of these scenarios, the odds are higher that SUI could be headed higher. For starters, the fundamentals for SUI are right. Lately, SUI adoption among the layer-1 networks has been on the rise. For instance, SUI is currently outperforming both Ethereum and Solana on two important metrics – total inflows and new addresses. In the last 7-days, for instance, SUI had inflows of $24.3 million.
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This was significantly higher than Ethereum’s $9.7 million and Solana’s $10 million. In terms of daily active addresses, SUI has now hit 25 million, with new active addresses rising by 5% to hit 862,700. The total Value Locked for SUI has also grown to $1.074 billion.
This is a considerable increase considering that they stood at $300 million as recently as August. All these growth metrics point to the fact that SUI demand is on the rise, and the same could play out in its price action going forward.
Bitcoin Halving Cycle Favors SUI and Other Altcoins
There is also the fact that the broader cryptocurrency market is currently in a bull cycle. After the Bitcoin halving, the market usually turns bullish in October, and momentum accelerates in November. So far, this pattern is playing out like it has happened in past bull cycles.
In essence, there is a good chance that SUI could be headed for a parabolic price rally. SUI has already come under investors’ radar due to its recent impressive performance. This means in a market-wide parabolic price rally; SUI could easily rally to new highs as FOMO kicks in.
US Elections Outcome Could Boost SUI Price
A key trigger to such FOMO is likely going to be the US general election. The markets are mostly range bound this week, in anticipation of the outcome. Whoever wins, the odds are high that the crypto market will rally.
In the event of a Trump win, his strong pro-crypto stance could see Bitcoin rocket to $100k or higher in the short term. On the other hand, Kamala Harris has become more receptive to progressive, more predictable regulations on digital assets. This means if she wins, the market could continue with the cycles that it has followed every 4-years after a Bitcoin halving.
For SUI, which has increasingly shown its potential to do better than average whenever the market goes up, this could mean a rally to new highs in the foreseeable future.
A Recap on SUI Price
Overall, the odds point to SUI rallying through resistance as bullish sentiment continues to build up. Also, the rising adoption of SUI relative to its much bigger competitors is a positive indicator of things to come. In the very short term, SUI could be headed for $3, and much higher prices as the bull run builds up.
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