This is why the price of SUI could soar to 10 dollars.

SUI, a blockchain project that many consider the biggest competitor to Solana, is making a surprising strong comeback. In the past week, the price of SUI has increased by nearly 25%, from $1.86 to around $2.32. However, this rapid bullish trend is just part of a larger overall picture. Many signs indicate a bright future awaits the SUI token in the near future.

The inflow of funds into Sui stablecoin reaches a record high

SUI was once considered one of the worst-performing assets this year, with a price drop of nearly 60% since January. However, starting from March and April, the situation began to change as it showed strong signs of recovery.

In just the past week, the SUI network has witnessed a surge in stablecoin activity. Approximately 60 million dollars in stablecoins flowed into the network within just 24 hours, setting a new record.

This increase has placed SUI among the top blockchain networks in terms of the inflow of stablecoin, even surpassing major names like Ethereum and Solana.

SUI sends positive bullish signals

To add to the excitement, the famous cryptocurrency analyst Raoul Pal has made a very optimistic forecast for this token. Looking at the daily price chart of SUI, Pal believes it is close to breaking the downtrend and may be preparing for a strong bullish rally.

Reinforcing this viewpoint, another famous cryptocurrency trader, Capital Faibik, pointed out a "falling wedge" pattern forming on the SUI chart. This pattern often signals a breakout, and if that happens, he believes the price could rise to around $4.80.

Big Prediction: Will SUI reach $10?

However, the most notable prediction comes from the giant investment firm VanEck. This company, which manages over $116 billion in assets, forecasts that SUI could increase by more than 350% and reach $10 by the end of 2025.

This prediction becomes even more feasible as Canary Capital Funds has just filed for the establishment of the first SUI ETF. This move could attract institutional investors, which often helps assets develop sustainably in the long term.

SUI Price Analysis

Currently, SUI is trading at $2.32, showing a bullish increase of 1.5% in the last 24 hours, with a market capitalization of $7.5 billion.

Observing the chart, it is clear that the buyers are in control. The RSI has risen from 48 to 68, indicating an increase in buying activity. Additionally, the MACD has turned bullish, suggesting that this trend may continue upward.

SUI Price Chart | Source: TradingviewSUI has recently surpassed the important resistance level at $2.25, which now provides strong support. If the bullish momentum continues, the next resistance point to watch is $2.78. A breakout above this level could lead to an increase up to $3.17.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

Mr. Giáo