As the U.S. election day approaches, Sui’s price is eyeing a potential breakout to $8 if #donaldtrump wins. Could election results fuel the current rally from $1.92?
Sui on the Verge of a Breakout Just Hours Before the U.S. Election
Sui’s price is close to a breakout as election day draws near. The asset has surged in recent weeks but currently faces resistance around its previous all-time high. Investors are questioning whether the election results could drive a breakout for SUI, potentially pushing its value to the $8 mark.
Today, Sui is one of the top-performing cryptocurrencies, trailing only Dogecoin (#doge⚡ ) and Shiba Inu (#shiba⚡ ). On November 5, Sui’s price rose by 2.4%, reaching $1.92. Just hours before this highly anticipated event, Sui is once again outperforming the markets.
Could a Trump Win Drive Sui’s Price to $8?
The short answer is yes. Throughout his campaign, Donald Trump has positioned himself as a crypto-friendly presidential candidate. His growing collaboration with Elon Musk has also gained him support from crypto investors across the United States.
According to a survey by Kraken, crypto investors could influence the 2024 election, with up to 26 million potential voters. Nearly half of Americans consider crypto policies essential in selecting the next president. Additionally, the crypto industry leads in 2024 election spending, investing over $238 million and focusing on key areas.
Currently, Trump is ahead of Harris on the prediction market platform Polymarket. If pro-crypto Trump wins, the impact on the crypto market and Sui’s price could be substantial. Crypto analyst CryptoJack predicted that SUI could reach $8 if it breaks out of its current symmetrical triangle. “If it breaks, bullish Sui will create new ATH!” he stated. His analysis follows the asset’s rebound from a recent dip back to its all-time high, where it encountered resistance.
Sui Price Analysis: Could Sui Rally to $8?
Sui shows a steadily rising trend, with consistently higher lows and highs supported by a rounded trendline. This rounded bottom pattern often signals a shift from bearish to bullish momentum.
The recent price consolidation has created a bullish flag, a continuation pattern that often precedes further growth after a strong rally. If Sui’s price breaks above the flag resistance, it could signal a resumption of the uptrend.
The next significant resistance level is around $8, aligning with the expected measured move from the flag breakout and could be the next major target.
Sui has immediate support around $1.85, corresponding to the lower trendline of the flag. If bears push the price lower, additional support lies at $1.50, which could act as a safety net in case of a pullback. However, if the price drops below the rounded trendline, it could indicate the start of a bearish trend.
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