Sui (SUI) Price Analysis and Forecast: Will SUI Hit $6 mark in January 2025?

Sui’s (SUI) price has been bullish for the past few months and has surpassed the $4 mark. It has surged by 500% since September and recorded a new all-time high (ATH).

Sui (SUI) price has been in a bullish trend for the past few months and has crossed the $4 mark. It has surged by 500% since September and recorded a new all-time high (ATH). However, the SUI price has declined 11.47% from its ATH, showing short-term profit booking.

The Sui crypto has been rising by forming higher highs and higher lows. The price has recently dropped and melted to the 20-day EMA.

Moreover, the token has formed a hammer candlestick on the 20-day EMA. According to the price action, a bullish momentum can be analyzed after a pullback.

A crypto analyst, JoshuaOrhue.sui, has depicted the performance of a few best-performing coins. This chart shows that the Sui crypto has emerged as this year’s best performer. It has outperformed Ethereum and Solana in terms of gains.

Analysts expect the same energy in 2025 by analyzing this potential in SUI. The SUI price is expected to hit the $6 mark in January 2025.

The Sui coin price was trading at $4.35 at press time, which has increased by 0.64% in the past 24 hours. Its market capitalization was $12.77 Billion, ranking it 15th in the cryptocurrency market.

Based on the technical chart, the price has been bullish and wandered near ATH. It stayed in the pullback zone and has formed a hammer candlestick pattern.

If the SUI price defends the 20-day EMA, it could invite buyers. Buying pressure on the 20-day EMA can lead to a bullish trend, and a new ATH could be recorded soon.

Once the price surpasses the last swing high, buyers may eye for a 40% return. Furthermore, it may climb to the $6 mark till January 2024. On the other hand, if the digital asset price loses the 20-day EMA, it could be a bearish signal.

A profit booking scenario could be generated if the price is sustained below the 290-day EMA. Massive selling pressure could be received once the price starts trading below the significant support level of $3.

Sui crypto has shown strong bullish momentum recently, marked by its 500% rise since September, reaching a new all-time high of $4.9577.

The current price pullback to the 20-day EMA and the formation of a hammer candlestick suggested a potential rebound. With this, analysts are optimistic about the coin’s future performance.

If the SUI price can maintain its position above the 20-day EMA, it could attract buyers and achieve a 40% increase. This could aim for the $6 mark by January 2024.

However, caution is warranted, as a drop below the 20-day EMA could signal bearish trends and increased selling pressure. Overall, SUI’s strong market performance positions it as a prominent contender in the cryptocurrency space.

The presented content is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.