SUI's momentum continues after hitting a new all-time high (ATH) on Friday morning. The cryptocurrency rose 4.5% for the second time this week to near the $5 barrier, increasing investors' optimism about the token's future price trend.
SUI approaches $5 after new ATH
SUI has been one of the leading cryptocurrencies in this bull market, gaining over 521% year-to-date (year-to-date) and nearly 182% since the start of the fourth quarter. The token also outperformed the market through retraces in Q2 and Q3, posting significant gains while most altcoins struggled.
As the crypto market begins to gain momentum in preparation for the US elections, SUI saw a brief period of strength after surpassing its ATH in March. The token hovered in the $1.7 to $2.3 price range until November when it continued in “price discovery” mode.
The post-US election rally saw the cryptocurrency's price break through the $3 barrier, rise to around $4, and then fall back. Nevertheless, SUI's momentum resumed on December 5th, reaching the $4.5 level, fueled by Bitcoin's surge above $100,000 for the first time in history.
The token’s rally continued this week, with SUI posting a 14% gain over the past seven days, leading to its latest milestone of $4.92 on Friday morning. SUI’s impressive performance also saw the token emerge into the top 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT).
Will SUI prices peak in June?
Amid SUI’s performance, multiple analysts noted that “this token, often referred to as Solana’s ‘killer’, appears to be repeating SOL’s 2021 trajectory.” Market watcher Maggs compared the two charts and suggested that investors were not ready for SUI's future move.
During the 2020-2021 cycle, Solana experienced a massive rally that pushed the price to its previous ATH. Due to its price movement, SOL gained momentum at the end of 2020 and soared to its first significant high of the year in May 2021. Solana then held its value for several months before resuming its rise, peaking at $259 in late November 2021.
Ali Martinez said SUI's performance earlier this year was similar to Solana's previous rally, where it soared to a high of $2.3 and then held steady for several months. Now that it has broken out of its March ATH, SUI continues to perform similar to SOL, which could suggest that the token is poised for a massive rally in the near future.
If this pattern continues, the cryptocurrency could reach the $5 level within a few days after a temporary consolidation in the $4.5 to $4.8 price range. Trader Crypto Land highlighted that SUI is in “full bullish momentum” and expects it to reach the $5 mark soon.
Another pseudonymous crypto trader predicted that, following in the footsteps of SOL, the token could approach the $8 barrier by early 2025 and reach the $16 level by the second quarter. Based on the chart, SUI is expected to extend its rally until June 2025, peaking at around $40.
At the time of writing, SUI is trading at $4.79, a spike of 50% in monthly period.
