This Analyst Says SUI Price Is About to Go Parabolic—Here's Why

The cryptocurrency market continues to showcase surprising resilience, and SUI is at the forefront of recent gains. YouTube analyst Everything Crypto

Cryptocurrency YouTuber Everything Crypto, boasting over 26k subscribers, recently analyzed the surprising resilience of SUI in a video. Despite being subjected to a significant token unlock, the altcoin has defied market expectations and maintained its upward price trajectory.

Over the past year, SUI has seen a remarkable 465% price increase. Since hitting a local bottom in August 2024, the token has surged by 93%. Despite a major token unlock on January 1st, SUI's price momentum remained strong, setting the stage for potential price discovery.

The cryptocurrency recently saw the unlocking of 64.1 million tokens, which equates to 2.19% of SUI's circulating supply and is valued at $264.7 million. Usually, such token unlocks coincide with price decreases due to the increased supply. However, SUI's price went against expectations by rising 10% in a single day, closing at $4.84, just short of its all-time high of $4.90.

Another unlock of a similar size is set to occur on February 1st, leading analysts to speculate on its potential price impact. The outcome is likely to depend on whether these tokens are sold into the market or retained. Strong demand and growth within the SUI ecosystem could mitigate any selling pressure.

The YouTuber compared SUI's current trajectory to Solana's bull run in 2021. Despite regular token unlocks, Solana surged from under $2 to over $250, thanks to its high transaction speed, low fees, and scalability.

SUI's expanding ecosystem appears to be driving demand for its token. Increased adoption of its blockchain and its native token's utility have contributed to its rising value. This positioning has led some to predict that SUI could challenge leading Layer 1 networks during the ongoing market cycle.

Currently, SUI's price is just 2% away from its all-time high. Analysts anticipate that a break above $4.94 to $5.00 could lead to price discovery and new record highs. On the downside, key support levels at $4.47 and $3.93 may come into play if the price reverses.

Outperforming other altcoins in the market, SUI's dominance is evident. Leading Solana by 490% since August 2024 and with a growing market cap, SUI is set to climb the rankings, challenging projects like Toncoin and Chainlink for a higher position.