Sui (SUI) is a cryptocurrency that is poised to break out in the coming hours before the U.S. election day. The asset has been surging in recent weeks but is currently facing resistance around its previous all-time high price. Investors are speculating whether the election results could trigger a price breakout for SUI, pushing its value up to the $8 mark.
SUI is one of the top-performing assets in the crypto market today, following Dogecoin (DOGE) and Shiba Inu (SHIB). The price of SUI increased by 2.4% on November 5, trading at $1.92. With the U.S. election just a few hours away, there is anticipation for whether SUI will outperform the markets once more.
A Trump victory could potentially spark an $8 SUI price rally, as the candidate has positioned himself as crypto-friendly and has built relationships with figures like Elon Musk. A Kraken survey suggests that crypto voters could sway the 2024 election, with up to 26 million potential voters, and nearly half of Americans considering crypto policies crucial for the next president.
The crypto industry is also leading the 2024 election spending, investing over $238 million in key races. Crypto analyst CryptoJack predicts that SUI’s price could soar to $8 if it breaks out of its current symmetrical triangle pattern, stating, “If this breaks, bullish Sui will make new ATHs!”
SUI has been in a steady upward trend, supported by a rounded trendline, and recent price consolidation has formed a bullish pennant pattern.
If the price of SUI breaks above the pennant’s resistance, it could signal the resumption of the uptrend. The next significant resistance level is around $8.00. In summary, the potential election results and SUI’s current price action make this an exciting time for investors to watch. A Trump victory could positively impact SUI’s price, and the cryptocurrency’s strong upward trend suggests there is potential for it to break out and reach new highs.
