SUI Price Surges to New Record High, $3.00 Target Eyed

SUI has surged to a new all-time high amid a broader crypto market rally. The token has gained over 19% in the past 24 hours to reach $2.32, according to CoinMarketCap data.

This price jump, which brings SUI closer to the $3.00 mark, indicates renewed interest and increased trading activity. The surge coincided with a 167.66% rise in trading volume to $1.59 billion, demonstrating strong market interest and liquidity.

Elliott Wave Theory Suggests Further Gains

Crypto analyst Bluntz observes that a recent analysis of SUI’s price action aligns with the Elliott Wave Theory, suggesting the asset could be in a bullish, volatile wave.

This technical framework identifies five waves: (i), (ii), (iii), (iv), and (v). The current activity indicates that SUI may be in its final upward impulse wave (v).

The third wave (iii) showed strong growth, followed by a corrective phase (wave iv). Bluntz predicts that the upcoming wave (v) could propel SUI’s price toward the $3.00 target, signaling further upside potential if the correction stays within expected boundaries.

Price and Volume Trends Signal Continued Interest

At the time of writing, SUI has risen from $1.93 earlier in the day to over $2.30, demonstrating strong upward momentum. The cryptocurrency’s circulating supply is 2.85 billion, with a maximum supply of 10 billion tokens.

Read also: SUI Price Surges 112% in 30 Days, Outperforming NEAR Protocol

Additionally, SUI’s volume-to-market cap ratio of 24.02% reflects high liquidity and active trader participation. Data from Coinglass shows an increase in both price and volume from early February through November, with notable volume spikes in early October and continuing into November.

Key Technical Indicators Show Bullish Signs

Technical indicators further affirm SUI’s bullish trajectory. The MACD indicator has moved into positive territory. The blue MACD line has crossed above the orange signal line, a technical signal often associated with bullish momentum.

Additionally, the RSI currently reads 64.03, nearing the overbought level of 70, reflecting strong buying pressure. Although close to this threshold, the RSI still has room to climb, suggesting that SUI could see continued gains before potentially encountering overbought conditions.