Key Insights:
- SUI price surged by 4.5%, outperforming major assets amid broader market uncertainty.
- Crypto expert predicted a 98% chance that SUI will hit a new all-time high (ATH) this year.
- On-chain metrics reveal that over $1.05 million worth of SUI tokens have left exchanges in 24 hours.
Amid market uncertainty, the SUI price has jumped by 4.50%, outperforming major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). With this impressive performance, the asset has been gaining significant attention from crypto analysts and experts, many of whom are making bold predictions on X (formerly Twitter).
SUI Bold Price Prediction: Experts and Analysts
In a post on X, a well-followed crypto expert shared that SUI has been showing two bullish setups on its daily chart: a bullish inverted head and shoulders pattern and a bullish pennant pattern.
Alongside this bullish outlook, the expert made a bold prediction, suggesting that the SUI price could reach $10.74 based on the head and shoulders pattern, while the bullish pennant indicates a potential target of $27.
Additionally, another crypto expert made a bold SUI price prediction, noting that there is a strong 98% chance that SUI could reach a new all-time high this year. The post on X also stated:
“ Wave 2 took longer and went deeper than expected (obviously due to the situation in the Middle East), but now we are ready for Wave 3, 98% chance SUI makes a new ATH this year.”
This bold prediction for the SUI price gained widespread attention from crypto enthusiasts. It reflects strong interest from both investors and analysts in the token, which appears to be a bullish sign for SUI holders.
SUI Current Price Momentum
At press time, the SUI price was trading near $2.72, having recorded a price surge of over 4.25% in the past 24 hours. During this period, participation from investors and traders also increased, resulting in a 10% surge in trading volume compared to the previous day.
This rise in trading volume, along with the asset’s price increase, indicates strong bullish momentum and suggests that the bulls are back, actively pushing the price to higher levels.
Are Investors Buying SUI? $1 Million Worth Asset Leave Exchanges
With the shift in market sentiment and changes in SUI price, investors and long-term holders appear to be accumulating tokens, taking advantage of the lower prices, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have witnessed an outflow of $1.05 million worth of SUI tokens in the past 24 hours.
This notable outflow in the current market structure suggests potential accumulation, which could lead to increased buying pressure and further upside momentum.
SUI Price Action and Key Technical Levels
According to expert technical analysis, SUI appears to be forming a bullish cup and handle pattern on the lower time frame, with a neckline at the $2.80 level.
Based on recent price action and historical patterns, if the SUI price continues to maintain its upward momentum and breaks out above this neckline or resistance level, it could trigger a strong upside rally.
Sui Price Prediction and Technical Analysis
If this happens, the SUI price could potentially open the path for massive upside momentum and may see a price surge of over 45%.
However, this would only be possible if the SUI price closes a daily candle above the $2.85 level; otherwise, the price may remain below the $2.80 level, moving sideways or staying in consolidation.
As of now, SUI price is trading below the 50-day Exponential Moving Average (EMA) on the daily time frame, which suggests that the asset is in a downtrend and may face continued selling pressure unless it reclaims this level as support.