Sui Price Prediction: Will SUI Maintain Its Momentum to Cross $4.50 or Face a Pullback?

Sui (SUI) has been on an impressive rally, reaching a new all-time high of $4.47 on December 8, 2024. Despite a slight retracement, Sui remains resilient, currently trading around $4.11. This marks a 25% increase over the past week and a staggering 81% surge in the past month. Sui's market cap now stands at over $12 billion, reflecting strong investor interest.

• Sui (SUI) hit an all-time high of $4.47 on December 8, 2024.SUI is up by nearly 25% over the past week and 81% in the past 30 days.

• Currently trading at $4.11 with a market cap exceeding $12 billion. SUI price faces critical support at $4.00 and resistance at $4.50.

• Phantom Wallet's integration boosts Sui's multichain appeal.

The recent Phantom Wallet expansion to the Sui network has been a significant catalyst for Sui's price surge. Known for supporting Bitcoin, Ethereum, Polygon, and Base, Phantom's move to integrate Sui underscores the blockchain's growing influence.

Jameel Khalfan, Global Head of Ecosystem at the Sui Foundation, stated:

"Phantom Wallet is selective about which chains they support, and we are proud to now be included among this notable group."

Phantom's endorsement highlights confidence in Sui ecosystem’s scalability and developer-friendly architecture. This integration could attract new users and enhance wallet functionality for existing Sui holders.

Sui’s TVL | Source: DefiLlama

Sui's Total Value Locked (TVL) has experienced remarkable growth, surpassing $1.7 billion as of December 9, 2024, a significant increase from approximately $220 million at the beginning of the year. This substantial rise underscores the expanding adoption and confidence in Sui's decentralized finance (DeFi) ecosystem.

A notable factor contributing to this growth is the heightened activity surrounding Sui-based memecoins. Tokens such as Sudeng (HIPPO) have gained traction, with Sudeng accounting for nearly half of Sui's total memecoin market capitalization.

This surge in memecoin interest has invigorated on-chain activity, attracting a broader user base, enhancing liquidity within the Sui network, and making it a worthy contender to the Solana memecoin ecosystem.

Read more: Top Sui Memecoins to Watch

SUI/USDT price chart | Source: KuCoin

Sui's price structure remains bullish, with strong support at $3.94 and the 20-day EMA ($3.66) acting as a safety net. The recent breakout above $3.52 reflects renewed investor confidence. However, a developing negative divergence on the RSI hints at a potential pullback.

• Bullish Scenario: If Sui rebounds from the 20-day EMA, a push above $4.50 could see the next leg of the uptrend to $5.31.

• Bearish Scenario: A failure to hold above $4.00 may see Sui test support at the 50-day SMA ($2.93).

Sui's price movement is approaching critical levels. Here's a trade setup to monitor:

Entry Points:

• Long Entry: Above $4.30 to confirm bullish strength.

• Short Entry: Below $4.15 if bearish pressure intensifies.

Targets for Long Positions:

• $4.40

• $4.50

• $4.60

Stop Loss for Long: $4.15

Targets for Short Positions:

• $4.00

• $3.85

• $3.70

Stop Loss for Short: $4.30

1. Key Resistance: $4.50 – A breakout above this level could push Sui towards new highs.
2. Key Support: $4.00 – A break below this level may lead to further downside.

Investor sentiment around Sui remains optimistic, fueled by Phantom Wallet's integration and Sui's robust technical capabilities. The blockchain's growing Total Value Locked (TVL) of $1.5 billion positions it as a formidable competitor among Layer 1 blockchains.

Sui's recent momentum and strategic integrations suggest potential for continued growth. However, with critical resistance at $4.50, traders should remain cautious of a potential pullback. Monitoring key levels and market volume will be crucial in determining Sui's next move.

Read more: What Is SuiPlay0X1, and How to Buy It?