In recent days, the SUI price made a remarkable leap above $5, boosting its market capitalisation. This has piqued the interest of traders, raising the question of whether SUI might reach $10 soon.
Current Dynamics of SUI
SUI price is trading within a rising parallel channel and reached new highs above $5. Despite this, the price is facing some resistance. Bulls are trying to foster a strong rebound, but technicals suggest a minor pullback might be approaching. The stochastic RSI indicates a bearish crossover, while the Bollinger bands' expansion hints at a continuation of the bullish trend toward new ATH between $5.8 and $6.
Reasons for Growth and Its Significance
SUI gained significant attention following a similar aggressive rise as SOL. The recent unlocking of over 82 million SUI tokens, nearly 0.82% of the total supply, is believed to have spurred demand. Positive funding rates and more than 50% of traders in long positions reflect the token’s growing potential.
Future Growth Forecasts
Despite the potential for a short-term pullback, SUI continues to excel in the DEX space, exceeding $2 billion in TVL and being marked as the fastest-growing blockchain. SUI has already recorded over 8 billion transactions, doubling in Q4 2024 after the breakout. Thus, the SUI price prediction for 2025 remains optimistic, with expectations for reaching new record highs.
Considering the positive market dynamics and technical signals, SUI has substantial potential for further growth. While a short-term correction is possible, the long-term outlook remains favorable, possibly leading to new records in the future.
