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The Sui (SUI) bulls remain very much in control on the eve of Christmas Day 2024, with the price last around $4.60, only just below the record highs it hit near $5.0 earlier in the month.
SUI continues to find strong support upon retests of its major moving averages, including an impressive bounce last week from the 50DMA.
That suggests appetite to buy the dip remains elevated, and pressure could be building for an explosive pop above the $5.0 level in the coming weeks.
The bullish Sui price action shouldn't come as a surprise against the backdrop of booming on-chain activity, souring trading volumes, and a fundamental backdrop that remain a strong tailwind for crypto markets going into 2025.
Per DeFi Llama, the USD value of crypto locked in smart contracts on the Sui blockchain is at record highs near $1.8 billion, on-chain volumes are routinely clocking in in the $400 million to $600 million range, and perp volumes are trending back towards their highest levels of the year.
Sui's official X page recently tweeted a summary of the blockchain's bumper year of growth.
Meanwhile, though Fed caused a stir in risk assets when it signaled fewer rate cuts in 2025 than the market had been anticipating last week, hopes remain high that the pro-crypto incoming Trump administration and Congress is going to usher in a new golden era for the crypto industry and markets in the US, accelerating global adoption.
Bitcoin will steal most of the headlines in 2025 given the potential establishment of a US Bitcoin strategic reserve. However, high performing chains like Sui are also primed to explode.
Where Next for the Sui (SUI) Price?
All that being said, a near-term breakout to the north of $5.0 seems highly likely for the Sui price.
But with Sui already in a phase of price discovery, there aren't too many easily identifiable price targets for the crypto.
A 2x rally to $10 is certainly a possibility. But considering Sui's current market cap of around $46 billion fully diluted ($13.5 billion circulating), much greater than 2x gains could be in store for the crypto.
Sui is currently proving itself as one of the best performing layer-1 protocols in the game, and there is scope for significant catch up to its larger rivals like Solana and Ethereum.
Solana's fully diluted market cap was last around $116 billion, while Ethereum's was last $420 billion, with both also likely to expand significantly in 2025.
Could Sui also reach a fully diluted valuation in the hundreds of billions this cycle? It's certainly a possibility, assuming its chain continues to lead in terms of web3 adoption, as is currently the case.
A Sui price in the $20 range becomes a realistic target with if assumptions hold. That means its a strong candidate for best crypto to buy now.
Of course, crypto investors would be best served by spreading their portfolio across a few high-potential coins.
Bitcoin could still post 2x gains next year, or even more if strategic reserves gain ground. Other leading tokens like Ethereum and Solana are also likely to perform very well.
But Sui is certainly a great addition to any investor's crypto portfolio.