Sui Price Eyes New All-Time High as Crypto Markets Surge in November 2024
As crypto markets heat up, all eyes turn to Sui (SUI), a cryptocurrency often compared to Solana and dubbed the “Solana Killer.” SUI is nearing a significant price milestone, generating renewed interest as it approaches its previous all-time high. With a bullish chart formation indicating potential for impressive gains, many investors are speculating that SUI might soon outperform Solana.
Why SUI Price Surged 12% Today
On October 30, SUI jumped 12% during the pre-market hours in London, reaching $2.07 and emerging as the best-performing asset among the top 100 cryptocurrencies. Notably, SUI has also gained 9.8% against Bitcoin, bringing it close to its record high of $73,738. The recent Bitcoin momentum, which pushed BTC to $73,562 – just shy of its previous all-time high from March 2024 – seems to be a significant driver of SUI’s price boost. Additionally, growing confidence in the Sui ecosystem and strong investor sentiment are propelling interest in SUI.
November 2024 Price Prediction: Will SUI Hit a New All-Time High?
According to CoinGecko, SUI’s 24-hour trading volume has surged by 97%, indicating an influx of traders eager to acquire the asset. A Coinglass liquidation analysis highlights a heavy lean toward long positions, with approximately $83.35 million in longs compared to only $17 million in shorts. This imbalance reflects a strong bullish sentiment, as investors anticipate further gains for SUI.
Support levels around $1.93, $2.03, and $1.79 provide a sturdy base for the current price, while resistance remains relatively light. Notably, the largest short positions across Binance, OKX, and Bybit stand at around $600,000, compared to significant long positions of up to $1.5 million. This buy pressure reinforces the likelihood that SUI will climb higher as November progresses.
U.S. Election and Crypto Market Impacts
In just five days, the U.S. election will determine the next president, and recent Polymarket odds favor Donald Trump over Kamala Harris by 66% to 32%. The crypto market tends to rally with Trump’s pro-crypto stance, so a Trump win could potentially catalyze further gains across the market, including for SUI. Research from Kraken indicates that crypto-leaning voters could play a pivotal role in the election outcome on November 5.
SUI Targets $10 in November
SUI’s current price action continues to show bullish strength as it nears a key resistance level. The asset has recently formed a classic Cup and Handle (C&H) pattern, a bullish setup that suggests a potential breakout. If SUI manages to break above the neckline of this pattern, it could see a rapid climb toward $10 by the end of November.
The initial resistance target after the breakout is around $2.70, aligning with a rising channel SUI has been respecting. If the buying pressure intensifies, SUI could follow a parabolic curve, reaching the $10 mark. However, a bearish scenario would unfold if SUI fails to break above the C&H neckline, potentially dropping to $0.60 and signaling weakness in the market, which would invalidate the current bullish outlook.
As November unfolds, SUI remains a key player to watch in the crypto market, with potential to make significant strides amid bullish momentum and an evolving financial landscape.
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