Price Analysis

Sui Price Gains 20% – Can It Cross the $5 Mark by Year-End?

Sui price surges 20% amid strong momentum. Analysts project a $5 target, with bullish signals pointing to continued growth.
Published by
Sui Price Gains 20% – Can It Cross the $5 Mark by Year-End?

Highlights

  • Sui price eyes 138% surge to $5, but it faces a couple of obstacles on the way.
  • If bears push the price lower below $1.59, the current bullish thesis may be invalidated.
  • SUI gained 3.8% against BTC, showing the asset outperformed Bitcoin in the recent jump.

During Tuesday’s trading session, SUI’s price surged by 20%, reaching the $2 mark and boosting its market cap to $5.83 billion. This bullish momentum was likely driven by a broader market recovery, with Bitcoin breaking past the $70,000 threshold. With SUI positioned for potential price discovery, crypto analysts are eyeing a $5 target, supported by the third impulse wave in the Elliott Wave theory.

Advertisement

Why Is Sui Price Up Today?

The price of SUI has increased 7.8% in the last 24 hours, a 16% increase from October 28, when the asset hit a month-low of $1.59. SUI is trading at $1.85 after outperforming BTC, which gained 3.8% against it.

SUI/USDT Price Chart

Sui is rising because of the recent surge in the price of Bitcoin, which saw the number one crypto asset break above $70,000. This much-awaited move has the entire crypto space abuzz with speculation of higher prices, especially as we approach the crypto-centered U.S. elections this coming week.

Advertisement

Is Sui Ready To Hit $5?

Crypto analyst Decode has forecasted that the next target for SUI price is $5. His prediction is based on the Elliot Wave theory, which suggests that prices move in repetitive wave patterns, which are influenced by changes in investor sentiment.

Sui missed the 2.618 Fibonacci extension zone when it hit a new all-time high and retraced due to profit taking. However, the correction has completed a smaller wave 4 and is ready to embark on the last wave that could propel it to $5.22.

With analysts calling for $300,000 BTC, Sui investors should be prepared to cash out big time, as previous data has shown that the asset tends to outrun Bitcoin.

Sui Eyes $5 But Must Beat This Obstacles First

Sui is eyeing about 150% gains from its current price of $5. However, the cryptocurrency must overcome certain key obstacles for it to succeed. 

  1. Price action is trending below the 50-day exponential moving average (EMA) which has suppressed the price for the last 1 week.
  2. Despite the 20% jump, the crypto asset is still trading inside a falling channel.

These obstacles could keep the price from attaining the $5 mark. However, the recent jump was accompanied by a huge boost in volume. Coingecko data shows the 24-hour trading volume soared by 134%. This is the highest volume has recorded in the last 2 weeks.

With such volume confirmation, it is possible SUI price could break above the channel and the 50 EMA to test the next major resistance, $2.36. This would market a 28% additional gains from the current price. If the asset breaks its previous ATH, it would be in price discovery and could surge to $5 within a week or two.

Sui Price Analysis Chart

The invalidation thesis for this bullish scenario is if bears push price below $1.59. This would effectively cause a breakdown from the falling channel, changing the outlook from bullish to bearish.

Advertisement

Related Articles

Frequently Asked Questions

Why did Sui price surge by 20% recently?

Sui price surged by 20% primarily due to the bullish momentum in the crypto market, driven by Bitcoin's recent breakout above $70,000. This increase in Bitcoin's price typically boosts investor confidence across the crypto space.

What price target has been set for Sui?

Analysts project that Sui could reach $5, based on the Elliott Wave theory. The current analysis suggests it is in the midst of a bullish impulse wave that could push the price to $5.22.

How does Sui compare to Bitcoin?

Sui has shown a tendency to outperform Bitcoin, gaining 3.8% against BTC recently. As Bitcoin’s price continues to rise, many analysts believe Sui could benefit significantly from this correlation.
Share
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.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?

BNB Coin price has entered a powerful phase after breaking through a major resistance level…

October 4, 2025
  • Price Analysis

Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B

Aster price has recently shown strong signals on the chart, with a breakout from its…

October 3, 2025
  • Price Analysis

Will XRP Price Hit $5 if the SEC Approves ETFs This Month?

XRP price could be on the cusp of a big move in the coming weeks…

October 3, 2025
  • Price Analysis

Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?

Bitcoin price has recently surged to the $120K mark, reclaiming momentum and sparking fresh optimism…

October 3, 2025
  • Price Analysis

Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying

Pi Network price has crashed by over 90% from its highest level since its mainnet…

October 2, 2025
  • Price Analysis

Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy

The Solana price continues to capture attention, with renewed focus coming from both analysts and…

October 2, 2025