Sui (SUI) Poised for 358% Surge as Analysts Predict Bullish Trend

Raoul Pal, a former Goldman Sachs executive, has expressed his bullish sentiment towards Sui (SUI), a layer-1 platform that competes with Solana (SOL). Pal shared his insights with his 1.1 million followers on the social media platform X, highlighting that the Tom DeMark (TD) Sequential Indicator is signaling a bullish trend for SUI. This indicator is used by traders to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

Pal also noted that SUI appears to be on the verge of breaking out of a downward channel, a bearish pattern that indicates the asset is forming lower highs and lower lows. He playfully remarked, “Sui: knock, knocking, knocking on heaven’s door,” suggesting a potential significant upward movement for the token.

Other analysts have also weighed in on the potential for SUI to experience an explosive move. Pseudonymous trader Cheds suggested that if SUI can break through its immediate resistance at $2.50, it may start printing significant rallies. Crypto trader Michaël van de Poppe echoed this sentiment, stating that SUI is gaining adoption as a decentralized finance (DeFi) network, particularly for Bitcoin (BTC) staking and lending, referred to as Bitcoin DeFi (BTCfi).

Van de Poppe highlighted several key points about SUI's growth and potential, including the rapid growth of BTCfi, with 10% of the Total Value Locked (TVL) going through SUI. He also noted that DeFi on SUI is in the top six of all chains and that there has been nearly $6 billion in trading volume on DeFi in the past month. Van de Poppe believes that SUI could perform exceptionally well in the upcoming cycle, especially as the markets turn back into an uptrend.

Additionally, the financial giant VanEck predicted that SUI will soar more than 358% from its current value. According to their forecast, the crypto bull market will persist through 2025, reaching its first peak in the first quarter. At the cycle’s apex, they project Bitcoin to be valued at around $180,000, with Ethereum (ETH) trading above $6,000. Other prominent projects, such as Solana and Sui, could exceed $500 and $10, respectively.

At the time of writing, SUI is trading at $2.18, up 4% in the last 24 hours. The collective bullish sentiment from prominent analysts and financial institutions suggests that SUI is poised for a significant breakout, driven by its growing adoption in the DeFi space and positive technical indicators.