SUI Price Prediction: SUI Hits $2 But On-Chain Metrics Remain Weak

Sui (SUI) rose to $2 at some point during today’s session but has progressively retreated as the crypto market is taking a breather after a strong start in 2026.

This altcoin has booked a 30% gain in the past 7 days, making it one of the top-performing assets in the top 20.

SUI closed the year with a 66% loss as 2025 turned out to be a bad year for altcoins. Tensions between the United States and China on the trade front and the October 10 flash crash rattled investors and triggered a risk-off move that pushed the token from $4.4 in July to $1.4 by the end of December.

Strong Volumes Favor a Bullish Outlook for SUI

Investors seem to be ready to turn the page in 2026. Trading volumes in the past 24 hours have jumped by 74% for SUI to $2.1 billion. This figure accounts for 30% of the token’s circulating market cap – a strong indication that buying pressure is rapidly rising.

Data from Artemis¹ confirms that volumes could be picking up their pace to levels that have previously preceded strong bull runs for SUI.

Back in April 2025, when SUI moved from a local bottom of around $2.1, weekly volumes spiked to a range between $10 and $14 billion. Similarly, in July, volumes steadily increased from $5 billion to $14 billion as the token surpassed the $4 barrier.

In the first couple of days of this week, we are already nearing the $4 billion mark. By using a simple run rate, we could close up the week with volumes exceeding the $10 billion mark, meaning that SUI could be getting ready to make a strong move to at least $3 once again.

SUI Eyes $2.4 as Positive Momentum Accelerates

The daily chart shows that SUI has bounced strongly off the $1.35 mark for a fourth time. The token seems headed to retest the 200-day exponential moving average (EMA) from below.

SUI/USD Daily Chart (Binance) – Source: TradingView

This means that a move to $2.4 is on the table, which would translate into 28% gain based on where SUI is trading right now. Meanwhile, if the price action manages to rise past the 200-day EMA, the odds of a move to $4 will increase dramatically, especially if volumes continue to be this high.

The key concern at this point would be that this is a bear market rally and not a true recovery. However, strong volumes this week seem to be indicating otherwise.

For example, after the October 10 crash, we had a couple of bounces off the $2.4 area. However, weekly volumes back then stood at just $6 billion.

This week is an important one for the market as data from the U.S. labor market covering December will be released on Friday. This data could set the tone for the rest of the month, depending on whether it beats or misses analysts’ estimates.

The Federal Reserve will be convening on January 28 to make a decision on interest rates again.

For now, the odds of another rate cut during this meeting are quite low at 18%, but strong data in the jobs market could change that or at least substantially impact the odds of a cut in March, when the next meeting will take place.