Sui price rally front ran Bitcoin and the entire market, and as a result, the asset has soared over 740% in the last four months. At the current price of $3.79, SUI is Solana’s biggest competitor in terms of popularity and price performance. After soaring 6X from the August 5 market bottom, can Sui still reach $18 and dethrone Solana as the best-performing crypto asset in the top 20?

Sui Price Outperforms Solana YTD

Sui, a layer one (L1)  blockchain designed to make digital asset ownership fast, private, and secure, has been one of the hottest talks in the crypto space for the past four months. The crypto asset offers direct competition to Solana as the cheapest and fastest L1 chain.

This rivalry can be seen in the respective performance of their native coins. The value of SUI performed much better than SOL year-to-date (YTD), gaining 347% versus 115%.

Nevertheless, when it comes to social dominance, Solana is still leading. Data from Santiment shows Solana’s social dominance spiked on November 17 to 8-month highs, while Sui’s social metric has been dropping since November 10. 

When discussions entailing a particular crypto asset increase, they can precede price volatility. If the discussions entail positive sentiment, it can lead to a price upswing of the asset in question. 

Based on his fractal analysis, crypto analyst Karl (@karl_xbt) predicted that the SUI price could reach $18. Karl identified 50/200 MA and 100/200MA crosses in the last 2 months on the price chart. 

Comparing these to Solana price action, Karl concluded that the crypto asset is likely following in the footsteps of SOL and may rally similarly to Solana in 2021. According to Karl, “this fractal has not failed [him] yet.” 

Key Resistance and Support Levels for Sui

Sui’s price forecast indicates the asset is still in a bullish trend. Price has encountered resistance around $3.77-$3.93, meaning there is a huge sell wall at this level. SUI has tried to surpass this level multiple times in the last four days but has yet to be successful.

The relative strength index (RSI) is at 57.06 and heading downward on the 6-hour chart, which means buy pressure is reducing on the asset. This could lead to a short correction, and the SUI price would likely find support around the current price of $3.70 or lower, around $3.12.

Sui Price Analysis Chart

If the bulls manage to break the overhead resistance first, the price of SUI could surge to $5.23.

Can Sui Reach $18 or Face a Correction?

Sui price is on the verge of a breakout as room is running out for consolidation — soon, it will be decision time. The asset has enough fundamental juice to burst through the current overhead resistance.

The 24-hour trading volume increased by 11.9% per Coingecko data, which signals a recent increase in market activity. 

Coinglass data shows derivative traders from Binance, OKX, and Bybit are bullish on the asset, but bears are exerting strength. The difference between cumulative Longs and Shorts is only about $6 million in the daily timeframe. This means that while SUI is bullish, sentiment could turn bearish at any time due to overhead resistance and dropping RSI.

The post Can Sui Price Soar to $18 After 740% Rally and Outperform Solana? appeared first on CoinGape.

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Filed under: News - @ November 20, 2024 10:25 am