Sui price eyes $3 following record-breaking surge

SUI has smashed through its all-time high (ATH) of $2.17, reaching a new ATH of $2.35.

This surge in value comes after a prolonged period of consolidation, which has led to growing speculation about the coin's future price movement.

Many analysts are now setting their sights on a potential breakout from the current consolidation phase, with some predicting a surge toward the $3 mark before the end of the week.

Breakout from the long consolidation phase

SUI has been in an extended consolidation phase for over 40 days, trading between $1.84 and $2.20.

This range-bound behaviour is eerily reminiscent of earlier this year when a similar consolidation led to a massive 173% price surge.

Analysts like Paraboli8crypto had noted that this type of extended consolidation often precedes a significant price move, particularly when the asset has firm support levels in place.

The fact that SUI has already pierced passed the upper consolidation level and surpassed its previous ATH suggests that the coin is gaining momentum and may be setting up for a major breakout.

Currently trading at $2.25, Sui could be heading into the $3.30 to 3.70 range if it closes above the $2.20 level on the daily chart

Key technical indicators point to upward momentum

An SUI price technical analysis shows technical indicators currently leaning in favour of the continued upward movement.

SUI is currently above the 10-day moving average which is at $2.0387, and the 50-day moving average which is at $1.8893, both signaling an upward trend.

Additionally, the 14-day Relative Strength Index (RSI) is at 61.18, indicating strong buying interest without yet entering the overbought range. This suggests there’s still room for growth before potential selling pressure kicks in.

The Moving Average Convergence Divergence (MACD) is at 0.05, which is another sign of positive momentum for the token.

These indicators, combined with the coin's recent ATH and solid support level at $1.59, have led many experts to predict that SUI is just getting started.

If it can clear the resistance levels of $2.36 and $2.75, there’s a strong possibility that the token will continue to rally.

Strong fundamentals backing Sui’s growth

SUI’s rise isn’t just a result of technical factors but is also supported by its increasing popularity and its strong fundamentals.

One of the major catalysts for this growth is Sui’s recent integration with Google Cloud.

This integration aims at enhancing the scalability, storage, and efficiency of the Sui blockchain.

The integration with Google Cloud offers Sui a robust technological infrastructure that could attract more developers and users to the ecosystem, ultimately boosting the coin's value.

The positive sentiment surrounding this partnership is evident, as it signals that SUI is positioning itself as a serious contender in the blockchain space.

The integration with Google Cloud is expected to improve data storage capabilities, making the platform more reliable and efficient.

As the market sentiment surrounding the project continues to improve, analysts are targeting a potential price of $6.4.

This optimistic forecast is based on SUI’s potential as a key player in the Layer-1 blockchain space, with many seeing it as a strong contender for the upcoming 2024-2025 bull market.

It is also important to note that SUI was one of the assets that Grayscale listed as high potential assets for Q4, 2024 in its recent research.