SUI hits new high, can bullish momentum push price to $5 this weekend?

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SUI’s momentum continues after hitting a new all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% to nearly the $5 mark for the second time this week, sparking investor optimism about the future price trend of the token.

SUI has been one of the top performing cryptocurrencies in this bull run, with a year-to-date (YTD) gain of more than 521% and a nearly 182% gain since the start of the fourth quarter. The coin also outperformed the market during the Q2 and Q3 corrections, achieving significant gains when most altcoins were struggling.

As the cryptocurrency market began to heat up in preparation for the US election, SUI experienced a brief period of consolidation after breaking through the highest price in March. The coin hovered between $1.7 and $2.3 before continuing the “price discovery” mode in November.

The post-US election surge pushed the cryptocurrency’s price past the $3 mark and close to the $4 mark before falling back. Nevertheless, SUI’s momentum resumed on December 5, reaching the $4.5 mark, helped by Bitcoin’s first-ever break above $100,000.

The token’s rally continued this week, with SUI up 14% over the past seven days and hitting a new record of $4.92 on Friday morning. SUI’s stellar performance also propelled the token into the top 15 cryptocurrencies by market cap after surpassing Polkadot (DOT).

Will SUI’s price peak in June?

Amid SUI’s performance, several analysts noted that the token, often referred to as the “Solana ‘killer,’” appears to be repeating SOL’s 2021 trajectory. Market watcher Mags compared the two charts, suggesting that investors are not ready for SUI’s upcoming moves.

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

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