Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend?

Source Newsbtc

SUI momentum continues after recording a new all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% to near the $5 barrier for the second time this week, fueling investors’ optimism about the token’s future price action.

SUI Nears $5 After New ATH

SUI has been one of the leading cryptocurrencies this bull run, rising over 521% year-to-date (YTD) and nearly 182% since Q4 started. The token also outperformed the market throughout the Q2 and Q3 retraces, registering massive gains while most altcoins struggled.

As the crypto market started to gain steam in preparations for the US elections, SUI saw a brief consolidation period after surpassing its March ATH. The token hovered between the $1.7-$2.3 price range before continuing the “price discovery” mode in November.

The post-US election pump propelled the cryptocurrency’s price past the $3 barrier and near the $4 mark before retracing. Nonetheless, SUI’s momentum resumed on December 5 when it hit the $4.5 mark, fueled by Bitcoin’s first-ever surge above $100,000.

The token’s rally continued this week, with SUI registering a 14% increase in the last seven days, which led to its latest $4.92 milestone on Friday morning. SUI’s remarkable performance also drove the token to the top 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT).

SUI’s Price To Peak In June?

Amid SUI’s performance, several analysts noted that the token, often called “Solana’s “killer,” seems to be repeating SOL’s 2021 path. Market watcher Mags compared the two charts, suggesting investors won’t be ready for SUI’s upcoming movements.

During the 2020-2021 cycle, Solana saw a massive rally that drove its price to its previous ATH. Its price action saw SOL gain steam at the end of 2020 and surge to its first major high of the year in May 2021. Then, Solana consolidated for a few months before resuming its run, peaking at $259 in late November 2021.

According to Ali Martinez, SUI’s performance earlier this year resembled Solana’s initial climb last cycle, jumping to its $2.3 high before consolidating for a few months. Now that it has broken past its March ATH, SUI continues to move similarly to SOL, which could suggest that the token is poised for a massive surge soon.

If it continues this pattern, the cryptocurrency could hit the $5 mark in the coming days after a brief consolidation in the $4.5-$4.8 price range. Trader Crypto Rand highlighted that SUI is in “full bullish momentum,” also forecasting it will hit the $5 mark soon.

Another pseudonym crypto trader predicted that the token could be near the $8 barrier by early 2025 and hit the $16 mark by Q2, following SOL’s path. Based on the chart, SUI could see its rally extended until June 2025, when it would hit its peak around the $40 mark.

As of this writing, SUI is trading at $4.79, a 50% surge in the monthly timeframe.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Sep 15, Tue

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Sep 15, Tue

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

18 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

18 hours ago

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Popular Symbols