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Sui Network has been creating a buzz among analysts and traders of late. Many analysts expect its native token SUI is expected to see a price surge at the end of this year.
According to a renowned crypto analyst, Bmoon on X, the latest target is that SUI might be trading at $3.60 in Q4. This bullish sentiment contradicts the token’s current upward trend and price appreciation.
$SUI target for this Q4 is 3,6$. I've been bull calling on @SuiNetwork for a few weeks and they still surprise me on how good the price hold. #DeFi on Sui is going strong also.
— Bmoon (@bmoonvc) September 8, 2024
And for those who like bigger moonshot, higher-risk taste, eyes on $SCA – @Scallop_io and $CETUS… pic.twitter.com/BoaZavNUNJ
SUI price has risen by more than 12% in the past week, which is impressive given the prevailing market sentiment. Currently, the token has shown its stability even during market fluctuations.
Last week, SUI price chart indicated a steady rise. The token has demonstrated positive price action coming out of the recent dips. This is evidenced by market data that point to a circulating supply of 2.67 billion tokens with a supply of 10 billion tokens.
The token’s market capitalization is estimated at $2.37 billion. At press time, SUI was the 32nd most prominent cryptocurrency by market cap. Nevertheless, the trading volume dropped by 23.07% in the last 24 hours.
Analyst’s Bullish Outlook For SUI Price
The analyst mentioned in his tweet that the target for Q4 is 3.6$. He has been pro-Sui Network for the past few weeks. He added that he is surprised by how well SUI is retaining prices. Further, he also mentioned, “DeFi on Sui is going strong also.”
This positive outlook for the price is backed by the strong adoption of DeFi projects on the Sui Network. The token is expected to maintain its value during market volatility.
The stability is considered a positive factor in the long-term. Also, the expansion of DeFi on the blockchain enhances the token’s value as more projects develop applications and financial services on this network.
Uptrend Amidst Bearish Signals
However, there are some signs of weakness that can be seen shortly. From the recent price chart, it can be seen that the token is trading within an upward channel. Nevertheless, the token’s behavior within the channel may indicate the pressure for a decline accumulates.
The hourly chart depicts that SUI is at the bottom of the channel, which could lead to a slight decrease if the bears take over. It means that the Money Flow Index (MFI), which shows the level of buying and selling pressure, is at now 24.93, suggesting that the market could be getting oversold.
This may suggest that a reversal or correction is possible should SUI’s upward movement fail.
The future of SUI looks good, especially with developments in DeFi. It has gained popularity among developers and users and has further boosted the token’s price.
More projects are being deployed on the network, and hence, there will be a continuous increase in the demand for SUI tokens, which will, in turn, increase the price of SUI tokens.
However, traders should be careful because short-term bearish momentum is possible. The market might experience fluctuations as SUI continues to trade between certain levels. However, the picture is still optimistic, and experts are sure that it can return to greater heights as expected sales revenue of $60 million by the end of Q4.