As the crypto markets heat up, all eyes are on the Sui price, which nears breaking its previous all-time high. Sui (SUI), dubbed the “Solana Killer,” has a compelling price prediction for November 2024. A bullish chart formation indicates significant growth for the price of SUI, driving investor interest and speculation about its potential to outperform Solana.
Why Is Sui Price Up 12% Today?
On October 30, the price of SUI soared 12% during the London pre-market hours to trade at $2.07. It is the best-performing crypto asset among the top 100 cryptocurrencies by market cap. The “Solana Killer” has also gained 9.8% against Bitcoin as it inches to breaking above its previous all-time high of $73,738.
SUI/USDT Price Chart
The SUI price is likely soaring because of the Bitcoin momentum gained over the past week. It soars to $73,562, less than $200 from the previous ATH established in the March 2024 mini bull run.
The surge in price is also likely due to the growing ecosystem and positive market sentiment among investors.
November 2024 Sui Price Prediction: New All-Time High
Coingecko data shows the asset’s 24-hout trading volume is up 97%. Coupled with the increasing price, it suggests traders are rushing to buy the asset.
The Coinglass liquidation map also supports this observation as it shows approximately 5 times as many Longs ($83.35 million) as Shorts ($17 million). This imbalance indicates bullish sentiment is dominating the market as traders anticipate the asset to soar higher in the future.
There is heavy support around $1.93 and $2.03 and $1.79, but on the opposite side, the resistance levels are thin ice. The largest Short position on Binance, OKX ,and Bybit amount to $600,000 while there are Longs as big as $1.5 million. This shows the buy pressure is high, a signal that price is likely to surge higher in November 2024.
In 5 days, the U.S. election will take place to find out the next president of the United States of America. Odds on the Polymarket prediction market suggest Donald Trump is likely to win as he leads Kamala Harris 66% to 32%. A win for Donald Trump has come to be perceived as a win for crypto and it could lead to the crypto market, including Sui price, surging to new heights. A research by Kraken shows why crypto voters could determine the election winner come November 5.
Sui “Solana Killer” Eyes $10 For November 2024
Sui price action remains bullish as the asset approached a key resistance level. The overall SUI chart has formed a bullish Cup and Handle (C&H) pattern. This bullish reversal pattern projects price could reach as high as $10 if it breaks above the neckline of the C&H.
The first resistance after break out is likely to be around $2.70 as it coincides with a rising channel the price action seems to be respecting. However, is the buy pressure is high, SUI could into a full parabolic curve, reaching $10 by end of November 2024.
Sui Price Analysis Chart
A bearish scenario for the price of SUI would be failing to break about the neckline of the C&H and dropping below $0.6. This would signal heavy market weakness, and would invalidate the current bullish thesis.
Frequently Asked Questions (FAQs)
Sui (SUI) is a cryptocurrency positioned as a potential competitor to Solana, often referred to as the “Solana Killer.” It aims to provide fast and efficient blockchain solutions.
On October 30, SUI’s price surged 12%, driven by positive market sentiment, strong trading volume, and momentum from Bitcoin’s recent performance.
Analysts predict that SUI could potentially reach $10 by the end of November 2024 if it breaks above key resistance levels, particularly the neckline of a bullish Cup and Handle pattern.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
