News
SUI Rebounds 14% as VanEck Projects 300% Surge to $16
check_eligibility

Gain Exclusive Access to the Yellow Network Waitlist

Join Now
check_eligibility

SUI Rebounds 14% as VanEck Projects 300% Surge to $16

Jan, 31 2025 8:41
SUI Rebounds 14% as VanEck Projects 300% Surge to $16

In an encouraging turn for the crypto market, SUI has climbed 14% over the past 24 hours, aided by an overall market recovery. This upward movement aims to reclaim a crucial support level, positioning SUI for a potential retest of its recent all-time high (ATH). A VanEck expert anticipates a 300% price increase for SUI this year.

Following significant market corrections earlier this week, where Bitcoin fell below $100,000 and many cryptocurrencies retreated from their January peaks, SUI experienced a notable dip. The token fell under the $4 support for the first time since December, marking its lowest point in over a month.

Despite recent volatility, SUI has remained a leading altcoin, particularly strong during the Q2 and Q3 market fluctuations of 2024. Earlier this year, SUI broke past the $5 barrier, achieving a new ATH of $5.36, but has since fluctuated between $4.05 and $5.20.

After dropping to $3.49 on Monday, SUI struggled to recover until a 9.8% increase on Thursday morning reclaimed the $4 support, followed by a further rise to $4.20.

Crypto analyst Carl Runefelt commented on SUI's current test of its ascending support level, previously functioning as a key support. To sustain its upward trend, the token needs to maintain a position above $4.18. Successfully reestablishing this support line could enable SUI to challenge the $5 threshold once again.

Patrick Bush, a senior investment analyst at VanEck, analyzed SUI's performance against Aptos (APT), concluding that SUI is poised to excel this year. Key attributes such as the Network's efficiency and scaling prowess make SUI particularly attractive, resulting in a more effectively priced DeFi ecosystem for market participants.

Bush advocates for SUI's superiority over Aptos, citing capabilities like Local Fee Markets, Pilot Fish, and Fast Path as unrepeated in APT. He emphasizes that these strengths are attracting substantial interest from token investors and developers, enhancing SUI's ecosystem vibrancy.

The analyst also noted SUI's lead in retail investment interest, with search data indicating that SUI surpassed Solana in attention on 17 days and Ethereum on 16 days out of the last 90. Bush predicts SUI could reach a market capitalization of $61 billion by 2025, driving its price to approximately $16, signifying a 300% increase from its current levels.

At the time of reporting, SUI is trading at $4.13, marking a 14% daily increase.

Latest News
Show All News