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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.
Frequently Asked Questions (FAQs)
Yes, analysts suggest SUI could reach $18, especially if it breaks key resistance levels and follows Solana's 2021 fractal rally. However, market sentiment and whale activity will play a major role.
Sui’s 740% rally is driven by its innovative Layer 1 blockchain technology, investor confidence, and competition with Solana. Increasing trading volume and bullish signals from technical indicators have also contributed to its momentum.
Resistance levels at $3.77–$3.93 need to be cleared for SUI to push higher. Support zones are around $3.70 and $3.12, while a breakout could target $5.23 as the next milestone.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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