Will U.S Elections Day Spark Sui Price Breakout to $8?

Sui price is on the verge of a breakout just a few hours to the U.S election day. The asset has been ripping the charts over the past few weeks but is currently facing resistance around its previous all-time high price. Investors wonder whether the election results could spark a price breakout for SUI, driving its value up to the $8 mark. 

SUI is one of the best performers today in the crypto markets, behind Dogecoin (DOGE) and Shiba Inu (SHIB). The price of SUI increased 2.4% on November 5 to trade at $1.92. 

With just a few hours to the start of the most anticipated American event in the last 4 years, will SUI outperform the markets once more.

Could A Trump Win Spark an $8 SUI Price Rally?

The short answer to this is Yes. Over the course of the election campaigns, Donald Trump has cemented himself as a crypto-friendly presidential aspirant. Furthermore, his growing collaboration with Elon Musk has helped him win the hearts of crypto investors living in the United States.

A Kraken’s survey suggests crypto voters could sway the 2024 election, with up to 26 million potential voters as nearly half of Americans consider crypto policies crucial for the next president, beyond personal profit. Additionally, the crypto industry is leading the 2024 election spending, investing over $238 million, targeting key races.

Trump is currently ahead of Harris on the decentralized predictions market platform Polymarket. If pro-crypto Trump wins, the impact on the crypto market and Sui price will be profound. Crypto analyst CryptoJack has predicted that SUI price could soar to $8 if it breaks out of its current symmetrical triangle. 

“If this breaks, bullish Sui will make new ATHs!”, he said. 

His analysis comes after the asset bounced from a pullback rallying back to its all-time high before encountering resistance at that level. 

SUI Price Analysis: Can Sui Rally to $8?

SUI has been in a steady upward trend, showing consistent higher lows and higher highs, supported by a rounded trendline. This rounded bottom pattern typically signals a shift from bearish to bullish momentum.

The recent price consolidation has formed a bullish pennant pattern, a continuation pattern that often precedes further upside after a strong rally. 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, as indicated on the chart. This level aligns with the expected measured move from the pennant breakout and could be the next major target.

SUI has immediate support at around $1.85, aligning with the lower trendline of the pennant. If the bears push the price lower, further support lies at $1.50, which could act as a safety net in case of a pullback. However, if the price drops below the rounded trendline it could signal the start of a bearish trend.

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