SUI Retests Key Support Level as VanEck Expert Predicts a 300% Surge in Its Price This Year

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).

Cryptocurrency SUI has seen a 14% surge in the past 24 hours as the broader crypto market experiences a recovery phase following the recent sell-off.

The SUI token is attempting to reclaim a crucial support level, setting the stage for a potential retest of its recent all-time high (ATH).

Meanwhile, an expert at VanEck has forecasted a 300% surge in SUI’s price this year, largely driven by the Network’s advantages and scaling potential.

SUI Retests Key Support Level

After a turbulent start to the week, which saw Bitcoin lose the $200,000 zone and most cryptocurrencies retrace significantly from their January highs, the crypto market seems to be heading for a green end-of-week.

The recent correction led SUI to drop below the $4 support for the first time since December, reaching its lowest price in over a month.

However, the cryptocurrency, known for being one of the strongest altcoins this cycle, has since recovered this support, with a 9.8% surge to reclaim the key zone.

SUI’s price continued to rise on Thursday morning, showing a 5% increment to reach $4.2.

According to crypto analyst Carl Runefelt, the token is now retesting the ascending level after losing it as support. This ascending line has been a key support level over the last few months.

However, after the recent correction, it turned into a resistance line, which SUI must now break through to continue its ascending trajectory.

For this line to turn back into support, SUI must hold above the $4.18 mark. This could also propel the cryptocurrency’s price to retest the $5 barrier.

SUI’s Price Eyes Double-Digits This Year

Patrick Bush, senior investment analyst at asset manager VanEck, recently shared his outlook for SUI’s long-term performance in a competitive analysis against Aptos (APT).

The two Networks are often compared, and their native tokens compete for market share.

According to Bush, SUI is set to outshine APT this year, thanks to the Network’s advantages, which include efficiency and scaling potential.

These benefits have led to a better-priced DeFi ecosystem and a large market maker presence, which ultimately bodes well for SUI, as the analyst explained:

“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 makers, resulting in a better-priced DeFi ecosystem.”

The analysis also highlights that SUI’s attractiveness has drawn both token investors and application builders, leading to better token performance and a more vibrant ecosystem.

Bush further 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 finally 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.

At the time of writing, SUI is trading at $4.13, showing a 14% increase in the daily timeframe.