Sui's price increase has outpaced Bitcoin and the overall market, resulting in a surge of over 740% in the past four months. At the current price of 3.79 dollars, SUI is Solana's biggest competitor in terms of popularity and price performance. Can Sui still reach 18 dollars and replace Solana as the best-performing crypto asset in the top 20 after soaring sixfold from the market bottom on August 5?
So far this year, Sui's price performance has outperformed Solana.
Sui is a Layer 1 (L1) blockchain designed to make digital asset ownership fast, private, and secure. It has been one of the hottest topics in the crypto space for the past four months. As the cheapest and fastest L1 chain, this crypto asset directly competes with Solana.
This competition can be seen from the performance of their respective national currencies. So far this year, SUI has significantly outperformed SOL, rising 347% compared to SOL's 115%.
Nevertheless, in terms of social dominance, Solana still leads. Data from Santiment shows that Solana's social dominance surged to its highest level in 8 months on November 17, while Sui's social metrics have been declining since November 10.
When discussions about specific crypto assets increase, they can trigger price fluctuations. If the discussions generate positive sentiment, it may lead to a price increase for the related assets.
Based on his fractal analysis, cryptocurrency analyst Karl (@karl_xbt) predicts that the price of SUI could reach 18 dollars. Karl identified the crossover points of the 50/200 MA and 100/200 MA on the price chart over the past two months.
By comparing these with Solana's price movements, Karl concludes that this crypto asset may follow in SOL's footsteps and could experience a similar rebound to Solana in 2021. Karl said, "This fractal has not disappointed him yet."
Key resistance and support levels for Sui.
Price predictions for Sui indicate that the asset is still in a bullish trend. The price faces resistance around 3.77-3.93 dollars, which means there is significant selling pressure at this level. SUI has attempted to surpass this level multiple times in the past four days but has not yet succeeded.
The Relative Strength Index (RSI) is 57.06 and is trending downward on the 6-hour chart, indicating that buying pressure for the asset is decreasing. This could lead to a short-term correction, and the price of SUI may find support around the current price of 3.70 dollars or lower (around 3.12 dollars).
If the bulls can break through the overhead resistance first, the price of SUI could soar to 5.23 dollars.
Can the Renminbi reach 18 dollars, or is it facing a pullback?
Due to limited consolidation space, Sui's price is about to break through — decision time is coming soon. This asset has enough fundamental strength to break through the current overhead resistance.
According to Coingecko data, the 24-hour trading volume increased by 11.9%, indicating that recent market activity has increased.
Coinglass data shows that derivatives traders on Binance, OKX, and Bybit are optimistic about this asset, but bears are gaining strength. The cumulative difference between longs and shorts in the daily time frame is only about 6 million dollars. This means that despite the bullish outlook for SUI, market sentiment could turn bearish at any time due to resistance above and a declining RSI.