Key Takeaways
- The SUI price is only 9% away from its all-time high.
- SUI briefly surpassed Solana in daily transaction count.
- Can SUI sustain its increase to a new all-time high?
SUI was one of the best large-cap cryptocurrency performers in September, increasing by 123%. The upward trend continued in October, and SUI nearly reached a new all-time high on Oct. 7.
SUI recently gained even more attention after its daily transactions surpassed Solana’s.
With this in mind, let’s examine the SUI price movement and see if it can reach a new all-time high and how much further it will go if it does.
Positive SUI News
On Oct. 7, SUI surpassed Solana in the number of daily transactions. The flip was surprising since SUI had roughly 10 million daily transactions for most of September. However, these surged in October, culminating with a high of 118 million transactions on Oct. 5.
There are a few potential reasons for this surge in transactions. First, SUI implemented SCION on Oct. 3, becoming the first layer-one to do so.
The implementation date perfectly aligned with the increase in transactions. SCION greatly enhances the blockchain’s security against internet attacks.
Secondly, SUI added USDC stablecoin integration on Sept. 17 .
Finally, it is possible that memecoin trading has aided in this increase since the SUI decentralized exchange (DEX) trading volume has also been up considerably since September.
It reached $170 million on Oct. 7, an increase of fivefold since the $34 million on Sept. 7. The memecoin sudeng (HIPPO) is at the forefront of this rally.
The uptick in SUI activity and price has not gone unnoticed by institutional investors.
Grayscale published a report that states that SUI is designed to address the challenges of scalability and transaction costs and is the “best-positioned third-generation blockchain to capture share from the market leader Ethereum over time.”
However, not everyone is convinced. VirtualBacon noted that the SUI/SOL ratio is at resistance and that if the outperformance continues for more than a month, SUI will eventually surpass Solana, something that he does not believe SUI has proven it can do yet.
Nevertheless, the SUI price is close to breaking its all-time high, which could trigger a sharp rally because of the lack of overhead resistance.
The SUI Total Value Locked (TVL) is already at an all-time high of $1.13 billion, so the price may follow suit soon.
SUI’s Rapid Ascent
The daily time frame chart shows that SUI has increased rapidly since Aug. 5. The upward movement culminated with a high of $2.17 on Oct. 7. This was only briefly below the $2.18 all-time high from March.
Another important development is that SUI closed above the $1.90 horizontal resistance area. Accounting for daily closes, this is the final horizontal resistance area, so SUI could resume its ascent if it validates it as support.
SUI has increased by 318% when measuring from the Aug. 5 low.
Between Sept. 24 and Oct. 3, the daily Relative Strength Index (RSI) generated a bearish divergence (green). While this created a bearish candlestick and a brief decline (black icon), SUI regained its footing after the RSI created a hidden bullish divergence (yellow).
These divergences often signal continuation when they transpire after a bearish divergence in an upward movement.
New SUI All-Time High
The daily time frame wave count supports the new all-time high. According to the count, SUI started to wave five by bouncing at the ascending parallel channel (white icon) on Oct. 3.
If wave five has the same length as wave one, SUI will reach a high of $2.25. However, if it has a size similar to wave three, SUI can reach a high of $2.64.
The sub-wave count aligns with the second target. The most likely sub-wave count shows that SUI is in the fifth and final sub-wave of its increase.
The same waves in different degrees often extend, so it would make sense for sub-wave five of wave five to extend.
If it has the same length as waves one and three combined, SUI can reach a high of $2.54, close to the previous target of $2.64.
New Highs Incoming
The daily time frame price action, indicator readings, and wave count all support the continuation of the upward movement.
If SUI reaches a new all-time high, the increase can lead to a target of $2.54-$2.64.
Positive SUI news regarding a surge in transactions and its comparisons with Soalan can fuel the rally by putting SUI in the spotlight.
Read More: SUI Price Prediction 2024: SUI Price Analysis
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