What Are The Chances SUI Crypto Will Hit $5 Soon?

SUI crypto price has faced resistance in maintaining upward momentum amidst market volatility.

However, rising stablecoin supply and major partnerships hint at an upward trend in SUI token price.

SUI Crypto Stablecoin Supply Reaches $746.81M

Notably, the SUI blockchain achieved its highest stablecoin supply when it exceeded $746.81 million in value.

According to recent Year-to-date (YTD) data shared by Torero Romero on X, SUI showed a massive 99.82% growth in the stablecoin supply.

Consequently, stablecoin supply expansion has improved network liquidity thus creating both stability and growth potential.

Due to higher liquidity, SUI is prepared to service larger transaction volumes bringing more users while attracting new investors and stakeholders.

In addition, the increasing supply of stablecoins will support all network functions including decentralized applications and smart contract execution.

An improvement in network liquidity would result in heightened network activity thus driving SUI market value upward.

Some analysts believe the future potential of SUI price depend heavily on the rising supply of stablecoins.

Wedge Pattern Signals a Potential Breakout

More so, SUI price has recently formed a wedge pattern suggesting an upcoming price breakout.

SUI crypto has shown price stability at $2 despite a 60% price correction. Notably, Wedge pattern develop during market consolidations when prices move toward two lines that approach each other.

The price movement after breaking out of this pattern usually results in a powerful directional shift that may be either upward or downward.

Additionally, SUI crypto’s Relative Strength Index points to positive price recovery as the token rises from overbought positions toward neutral levels.

The decline in bearish momentum suggests that SUI crypto token may be preparing for an upcoming bullish trend.

The holding support at $2 level indicates growing positive sentiment about SUI’s potential increase above $3 price targets.

SUI Price Holds Firm Above $2 Despite Monthly Decline

Conversely, SUI crypto price has encountered a 7.38% drop but successfully defended the essential $2 psychological support area.

The token’s stability at this price point reflects its capability to resist general market turbulence.

After four straight bearish candlesticks emerged a minor bullish candle signaling a possible shift in market momentum.

In this case, the anticipated price movement will produce a bullish trend that may surpass the resistance threshold at $2.90.

Crypto analyst, CryptoWZRD has noted that if the price exceeds this level, it could indicate a broader market rally, possibly pushing the token towards the $5 mark.

Greece Partnership Adds SUI Crypto Price Support

In other news, SUI made an important blockchain development through its collaboration with Greece’s National Stock Exchange.

Through a new collaboration both organizations intend to develop a complete fundraising system that utilizes SUI blockchain features.

The strategic partnership is a major advancement in SUI development plan while establishing trust in the network and creating additional real-world implementation scenarios.

Moreover, the rising institutional focus on the SUI blockchain depicted by this partnership demonstrates positive impacts that could boost the token’s market value.

The implementation of SUI in traditional financial applications will boost adoption rates. This might create heightened demand for SUI token.

At the time of writing, SUI crypto price was at $2.14, showing a 0.97% increase in the past 24 hours.

The price briefly tested resistance at $2.12 before experiencing minor fluctuations, suggesting consolidation at current levels.