Sui Price Prediction: Is a Rally to $10 Imminent in this Cycle?

Highlights:

• Sui’s price soars 1% to $4.34 despite the falling trading volume. 
• Sui is currently proving itself as one of the best-performing layer-1 protocols in the crypto sphere.
• If SUI reaches a fully diluted valuation in the hundreds of billions this bull run, a $10 mark is likely possible.

Sui price has increased 1% today to trade at $4.34 at press time. However, its trading volume shows some waning bullish sentiment, plummeting 3% to $1.2 billion. SUI is, however, flaunting an 18% rise in the past week, 28% in a month, and 411% in a year.

Sui Statistical Data

Based on CoinmarketCap data:

• SUI price now – $4.34
• Trading volume (24h) – $1.2 billion
• Market cap – $12.7 billion
• Total supply – 10 billion
• Circulating supply – 2.92 billion
• SUI ranking – #15

The Sui (SUI) bulls continue taking the reins in the SUI market. The price last hovered around $4.38, slightly below the record highs it hit near $5.0 earlier in the month. SUI continues to find strong support upon retests of its major moving averages, including an impressive bounce last week from the 50SMA. That suggests that the appetite to buy the dip remains elevated, and pressure could be building for an explosive rally above the $5.0 level in the coming days. 

Sui Price Could Rally Above $5 as Long as Support Levels Hold

Currently, the token trades within a parallel rising channel, aiming for a breakout to $5. This could take place soon, as the immediate support levels at $1.89 and $3.87 tilt the odds in favor of the bulls. 

Increased buying appetite at this level would see Sui’s price reach $7. With Sui already in a phase of price discovery, there aren’t too many identifiable price targets for the token. A 2x rally to $7 is certainly possible in the coming bull run. However, considering Sui’s current market cap of around $43.39 billion, which is fully diluted, much greater than 2x gains could be in store for investors. 

A zoomed-out look at the RSI shows that it sits above the 50-mean level at 53.06. This indicates that the bulls are trying to build momentum, which could see the token skyrocket. In the meantime, there is still more room for the upside before the SUI price is considered overbought.

Despite some bullish outlook, the MACD indicator introduces a new bearish outlook. This is evident as the MACD has crossed below the orange signal line, delaying the buy signal. Although the bars are shrinking, suggesting weakening downward pressure, a crossover of the MACD above the signal line could indicate a short-term reversal.

Can Sui Price Reach $10?

Sui is definitely proving itself among the best-performing Layer-1 protocols. If the support zones remain intact, the price could surge to the $4.83 mark. Moreover, if SUI reaches a fully diluted valuation in the hundreds of billions this bull run, a $7 or above to the $10 mark is likely possible.

On the downside, if the bears capitalize on the sell signal from the MACD indicator, the SUI price will fall. In such a case, the $4.13 mark will absorb the selling pressure. In a highly bearish scenario, the $3.87 support zone, coinciding with the 50 SMA, will cushion against further losses.