SUI Sets New High, Can the Bullish Momentum Push Prices to $5 This Weekend?

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SUI's momentum continues to hold after setting a historical high on Friday morning. The cryptocurrency surged 4.5% for the second time this week, approaching the $5 mark, sparking investor optimism about the token's future.

SUI is one of the leading cryptocurrencies in this bull market, with a year-to-date increase of over 521%, and nearly 182% since the start of the fourth quarter. It has also outperformed during the pullbacks in the second and third quarters.

As the cryptocurrency market heats up in preparation for the U.S. elections, SUI briefly consolidated after breaking through March's peak. In November, prices hovered between $1.7 and $2.3 before continuing the 'price discovery' pattern.

After the U.S. elections, SUI's price broke through the $3 mark, approaching the $4 mark before retreating. On December 5th, thanks to Bitcoin's first breakthrough of $100,000, SUI reached the $4.5 mark.

This week, SUI's upward momentum continues, rising 14% in the past 7 days, and setting a new record of $4.92 on Friday morning. After surpassing Polkadot, SUI has become one of the top 15 cryptocurrencies by market capitalization.

SUI appears to be repeating Solana's trajectory from 2021. Comparing the two charts suggests that investors are not yet prepared for SUI's upcoming trend.

SUI's performance earlier this year is similar to Solana's initial surge in the last cycle. Now, with SUI having broken through March's high, its trend resembles SOL, potentially indicating a significant upward move for the token.

Predictions suggest that SUI will soon reach the $5 mark, and by early 2025, it may approach the $8 mark, reaching $16 in the second quarter.

According to charts, SUI's upward trend may continue until June 2025, at which point it could peak around $40.

As of the time of writing, SUI is trading at $4.79, having increased by 50% over the monthly time frame.

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