Sui Price Prediction: On Track to $5 After Clean Resistance Breakout

In the past 7 days alone, SUI has jumped by 20% and currently sits at $4.10.

As a result, its market cap has expanded from around $7 billion to $13.9 billion and it is now the 11th most valuable crypto project in the space after surpassing Chainlink (LINK) and Avalanche (AVAX).

On-chain data from Sui Vision shows that daily transactions have surged in the past 30 days from 15.8 million to 20.7 million for a 31% monthly increase while the total number of active accounts jumped from 133 million to 146 million.

A growing ecosystem is a strong indication that investors’ and developers’ interest in this blockchain is rapidly surging.

The total value locked (TVL) of the Sui ecosystem currently sits at $2.11 billion. Expressed in TVL, the ecosystem’s TVL has expanded from 402 million at the beginning of the year to 515 million SUI, resulting in a 28.1% annual increase.

As a result, the project is now the 8th most valuable in terms of USD-based TVL. To date, it has surpassed well-established long-standing rivals like Cardano and is on track to beat Arbitrum – the largest Ethereum L2.

SUI Could Rise to $12 If Historical Patterns Repeat

In our latest SUI analysis, we emphasized that the token had been struggling to clear the $3.5 resistance as selling pressure was strong at this level.

We also stated that both the 21-day and 200-day EMA were the most relevant support areas to watch if a pullback occurred.

This is exactly what has happened recently as the price initially rejected a move above $3.5 and retreated to the $3.5 level.

However, it bounced strongly from this level and proceeded to break above this resistance during the May 8 session. Back then, volumes exceeded the 14-day average by nearly two times.

Now, little stands in the way of SUI for a strong push toward its all-time high of $5.35 per token, resulting in a 33.5% upside potential ahead.

As we also stated recently, the price action sent a strong buy signal in late April after a ‘golden cross’ between the 21-day and 200-day EMA.

The last time this technical event occurred, SUI gained 355% in just a few months taking the price of the token at the time of the crossover as the baseline.

If we make a similar projection in this case with a more conservative – yet remarkably bullish – price gain as guidance, we could see the price of SUI tripling to around and surging to more than $10 in just a few months.

FOMO Could Push SUI to New ATHs Soon

The $3.5 level has now turned into support for SUI. In case of a pullback, this level may hold and serve as a launching pad for further rallies. Trading volumes at this level have been quite high, emphasizing its relevance to market participants.

Meanwhile, the path to an all-time high will likely encounter less resistance as trading volumes from $3.6 to $4.7 have been much lower throughout the year. In low-volume zones, the prevailing trend typically gains strength.

Some level of FOMO may also aid SUI in making a new high. Market sentiment has made a U-turn in just a month as indicated by the Fear and Greed Index, which jumped from a record low of 15 (Extreme Fear) to in April 9 to 71 (Greed) at the time of writing.

As a fresh bullish cycle seems to be starting, the stage could be set for various tokens, including SUI, XRP, and Bitcoin (BTC), to make new all-time highs.