Sui price continued soaring on Monday, May 12, mirroring the performance of the broader crypto market. It has surged by 140% from its April lows, and an Elliott Wave formation points to an eventual surge to $10. The ongoing Sui meme coin frenzy also helps to support the bullish bias.
Sui Price Analysis: Elliot Wave Pattern Signals More Gains
Sui price today trades at $4.15, its highest level since January, and 1,040% above its lowest level last year. This surge has transitioned it into the eleventh biggest cryptocurrency, making it bigger than Chainlink, Avalanche, Stellar, and Hedera.
Sui has formed an impulse Elliot Wave pattern, and is now in the final fifth wave. The first bullish wave started in October 2023 when it was trading at $0.3675 and ended in March last year when most cryptocurrencies soared.
The second wave followed that and ended in August 2024, while the third one, which is often the longest, ended in January this year. Sui Coin price started the final phase of Elliot Wave in April when Donald Trump launched his ‘Liberation Day’ tariffs.
While the fifth wave is typically short, there are instances when it becomes extended, and even longer than the third one. This happens when there is a frenzy among market participants, leading to the fear of missing out (FOMO).
The next important level to watch will be the all-time high of $5.33. A move above that level will be a sign that bulls have prevailed, which may trigger FOMO among retail investors. It will then raise the possibility of the coin soaring to the key psychological point at $10.
The bullish Sui price forecast will become invalid if it drops below the lower side of the fourth wave at $1.7200.
Meme Coin Frenzy to Boost Sui Coin
The main catalyst for the Sui Coin price will be the meme coin frenzy in its ecosystem. CoinGecko data shows that its meme coins have soared, bringing the market cap to over $250 million. This growth is being fueled by tokens like Miu, LOFI, Sudeng, Blub, Fud the Pug, and Tardi that have surged by over 40% in the last seven days.
The surging meme coins have helped to transform Sui into one of the top players in the decentralized exchange industry. DEX protocols in its network handled over $3.47 billion in the last seven days, a 30% increase. They have processed $12.8 billion in the last 30 days, making it the sixth-biggest protocol after Solana, BSC, Ethereum, Base, and Arbitrum.
On top of this, the Securities and Exchange Commission (SEC) may soon approve spot Sui ETF later this year. Funds by 21Shares, and Canary Capital have applied for the fund, which they hope will attract investors who see it as a viable alternative to Solana.
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