After a remarkable 20% surge, investors are eyeing the potential for Sui (SUI) to reach the $5 mark. According to a prominent crypto analyst, Sui is currently riding the third impulse of an Elliott Wave pattern, which could propel the price to $5 or even higher as it completes this wave cycle. This recent rally has reignited excitement among Sui investors, who are closely watching for signs of further upside.
Why Did Sui Price Surge?
SUI has jumped 7.8% in the last 24 hours, marking a 16% increase from its recent low of $1.59 on October 28. Now trading around $1.85, SUI has outperformed Bitcoin, which gained 3.8% within the same period. This upward momentum has been partially driven by Bitcoin’s breakthrough above the $70,000 threshold, sparking a wave of enthusiasm across the crypto market. This broader market rally, coupled with speculation around the upcoming U.S. crypto-centered elections, has investors eager to see if Sui can maintain its momentum.
Crypto analyst Decode has projected that Sui’s next major target is $5, based on Elliott Wave analysis. This technical framework suggests that prices often follow cyclical wave patterns influenced by investor sentiment. Sui recently missed the 2.618 Fibonacci extension target, pulling back after reaching a new all-time high. However, the retracement appears to have completed a minor wave 4 correction, and the asset is now primed to enter its final wave, with a potential peak near $5.22.
If Bitcoin continues its march toward $300,000, as some analysts predict, Sui investors may benefit from a strong bullish spillover, given the asset’s tendency to outperform Bitcoin during major market rallies.
Key Hurdles for Sui on Its Path to $5
Sui is eyeing significant upside, but it must overcome several critical resistance points to secure these gains. Notably, the asset is trading below its 50-day exponential moving average (EMA), a level that has capped its price gains over the past week. Additionally, despite the recent 20% rally, SUI is still confined within a descending channel, indicating that it has yet to establish a definitive bullish trend.
On a positive note, trading volume has surged by an impressive 134% in the past 24 hours, marking the highest volume levels in two weeks. This volume spike supports the potential for a breakout above the descending channel and the 50 EMA, with the next resistance level at $2.36. A breakthrough here would suggest an additional 28% upside, bringing Sui closer to a new all-time high and potentially setting it up for rapid gains toward $5.
However, if bears manage to drive SUI price below $1.59, it could invalidate this bullish outlook, triggering a breakdown from the descending channel and shifting the trend from bullish to bearish.
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