SUI price has the prospects of soaring after a bull flag appeared onchain amid broader uncertainty in the market
Data shows that Sui Network’s native token has risen significantly by 1.16% in the last 24 hours to $3.67. Market volume has likewise increased by 3.70% to $2.45 billion in continued bullish sentiments from investors and traders. This increased interest appears set to push SUI to a new all-time high (ATH).
SUI Price Plots Path to $4 and Beyond
Stakeholders eye the $4 psychological milestone for SUI. How soon Sui can hit the $4 level remains a factor that market forces will determine. Crypto Man, a renowned Web3 investor on X, has strong confidence in SUI’s current and future performance.
Markets might be down, but I’m buying more $SUI @SuiNetwork ! 💸
With $24.3M in net inflows—outperforming both Solana and Ethereum—$SUI is quietly gaining strength and currently approaching a level of support, which I think is crucial for further upward momentum
I believe the… pic.twitter.com/PBFGTiez6X
— Crypto Man (@Crypto_Man03) November 4, 2024
Despite the onset of a market downturn in the broader cryptocurrency market, Crypto Man believes this signals a shift for SUI. He suggests that Sui might defy the general market trend as investors’ interest grows. This optimism lies in a $24.3 million net flow recently registered on Sui, surpassing Solana and Ethereum.
Crypto Man says SUI is approaching a “level of support.” This indicates that the token is close to a price range where buying interest from traders could stabilize. He believes this level remains crucial to triggering further upward momentum, which aligns with the technical analysis concept of support levels.
In his short- and long-term forecast, Crypto Man notes that SUI could rise to $4 by year-end. This prediction reflects a strong optimism for the continued growth of the token. Meanwhile, the long-term projection for SUI targets $10. This new price level can become possible if market anticipation for a bull run aligns with the technical charts.
What Factors Drive SUI’s Rally?
Crypto Man suggests that SUI’s growth is just beginning and encourages investors to “buckle up,” possibly for parabolic growth.
As of this writing, SUI trades at $0.50, away from the $4 level predicted by the analyst. If SUI sustains its current momentum, it will breach its ATH of $3.9433, which it set on November 17, 2024. This breakout rally by Sui has been attributed to buying pressure among traders. A factor that could help push SUI to a new ATH.
In October, BGECrypto aptly called SUI the next big thing flowing from a combination of factors, including community engagement and social media buzz. Other indicators included the strategy that Sui adopted, relying on humor and viral marketing to increase its presence among investors.
As the bullish run continues for Sui, traders and investors would like to see the momentum sustained. If the current positive sentiments trailing the victory of Donald Trump linger, it might help SUI surpass analysts’ projections for the token.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
