SUI has jumped 14% in the last 24 hours amid the market recovery. The token is attempting to recover a key support level, which could set the stage for a retest of its latest all-time high (ATH). Following its recovery, an expert at VanEck has forecasted a 300% surge in SUI’s price this year.
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SUI Retests Key Support Level
The crypto market is moving toward a green end-of-week after a bloody Monday. The correction saw Bitcoin lose the $100,000 zone, and most cryptocurrencies significantly retrace from their January highs.
Amid the pullback, SUI lost the $4 support for the first time since December, dropping to its lowest price in over a month. The cryptocurrency has been one of the strongest altcoins this cycle, leading the market throughout the Q2 2024 retraces and Q3 rally.
This year, SUI has also risen as one of the leading cryptocurrencies, surging above the $5 barrier for the first time and hitting its latest all-time high (ATH) of $5.36 at the start of the month. Since then, the token has hovered between the $4.05 to $5.20 price range.
After Monday’s fall to $3.49, the $4 mark acted as resistance, with the cryptocurrency failing to break past it until today. SUI jumped 9.8% to recover the key support zone, bouncing another 5% to $4.2 on Thursday morning.
Crypto analyst Carl Runefelt noted that the token is testing its ascending level again after losing it as support. This ascending line has been a key support level over the last few months but acted as resistance after the recent correction.
To turn this line back into support and continue its ascending trajectory, SUI must hold above the $4.18 mark. Reclaiming the ascending line could also propel SUI’s price to retest the $5 barrier.
SUI’s Price Eyes Double-Digits This Year
Patrick Bush, senior investment analyst at asset manager VanEck, shared his outlook for SUI’s long-term performance in a recent competitive analysis against Aptos (APT), which are often compared.
According to the analyst, SUI is set to outperform APT this year due to the Network’s advantages, efficiency, and scaling potential, which has translated into a better-priced DeFi ecosystem to market makers:
We believe the evidence supports Sui over Aptos due to its performance advantages and scaling potential. We find that It currently offers capabilities that are not replicated in Aptos. Among these are Local Fee Markets, Pilot Fish, and Fast Path. Additionally, Sui may offer a set of technical capabilities and economics that prove more attractive to market markers, resulting in a better-priced DeFi ecosystem.
The analysis underscores that SUI’s attractiveness has drawn token investors and application builders, resulting in a better token performance and a more vibrant ecosystem.
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Bush also pointed out that the cryptocurrency leads in retail investment: “In Fact, in the last 90 days, global search interest for Sui was higher than it was for Solana on 17 days and higher than Ethereum on 16 days,” he noted.
The analyst projected the token to reach a market capitalization of $61 billion by the end of 2025, which would see the price rising to around $16, a 300% increase from the current range.
As of this writing, SUI trades at $4.13, a 14% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
