SUI Price Finally Reaches New All-Time High — Eyes Set on $3

Key Takeaways

• SUI reached a new all-time high price on Oct. 13.
• The price has increased nearly 200% since September.
• How long will the SUI price increase continue?

The SUI price has increased rapidly since the start of September, creating six successive bullish weekly candlesticks.

However, the upward movement has not been extended to the SUI ecosystem, except for select meme coins like Sudeng (HIPPO), which have posted massive rates of increase, approaching the top 300 largest cryptocurrencies based on their market caps.

The entire market cap of the SUI ecosystem is slightly over $6 billion.

Let’s examine the SUI price movement and see how much steam is left in the parabolic upward movement.

SUI All-Time High

The weekly time frame chart shows that the SUI price has increased without retracement since the first week of September.

During this time, the price created six consecutive weekly bullish candlesticks.

Last week, the SUI price closed above the final horizontal resistance area of $1.92 and reached a new all-time high price of $2.36.

Since the price is at an all-time high, using Fibonacci retracement extensions is needed to find the next resistance area. Doing so gives a target of $3.22, 45% above the current price.

Technical indicators in the weekly time frame do not show weakness. The Relative Strength Index (RSI) Is increasing and just crossed above 70, while the MACD is increasing and is positive.

Neither has generated bearish divergences, indicating that the upward movement can continue.

However, not everyone is convinced that the SUI rally will continue. Well-known analyst  Light Crypto believes that the SUI bullish narrative is overblown, and at a $26 billion fully diluted value, SUI’s risk-to-reward profile is questionable. This is especially evident when comparing it to Solana since SUI now has a quarter of its market capitalization.

Furthermore, he believes that insiders and foundation wallets have started to sell, and a period when insiders exit while retail buyers are bullish often leads to a bearish trend reversal.

Furthermore, the daily time frame chart is less bullish than the weekly one. The main reason is the bearish divergence (green) in the RSI and the MACD’s momentum bars.

As a result, the wave count can determine if the upward movement will continue or has reached its peak.

Will the Increase Continue?

According to the wave count from the daily time frame, SUI is due for a correction soon.

The most likely count suggests that SUI is in the fifth and final wave of its upward movement that started on Aug. 5.

If wave five had the same length as wave one, the entire structure could be over. However, if it has the same length as wave three, the SUI price can reach a high of $2.74 before beginning its correction.

The shorter-term six-hour chart implies that the upward movement is likely over.

This is because after wave four ended with an irregular flat correction, the SUI price completed another five-wave increase (black).

Even if the movement extends, a short-term correction toward $1.80 will be likely before the price moves to new highs.

Short-Term Retracement Likely

The weekly time frame SUI chart suggests that the price is still in a long-term bullish trend that can continue for some time. There are no signs of weakness present in long-term time frames.

However, the shorter-term readings show weakness in technical indicators and the wave count.

As a result, an initial downward movement could occur before the price eventually resumes its ascent.

Read More: SUI Price Prediction 2024: SUI Price Analysis