Will SUI Price Hit $100 Despite $400M Insider Selling Allegation?
Sui price recently received a bit of a shake-up after allegations of insider trading flooded the crypto space. SUI retraced from its new all-time high of $2.36 as investors rushed to dump their bags because of the FUD. However, some analysts think SUI still has a chance to rally to $100.
Sui Price Remains Strong Despite Insider Trading Allegations
Recent allegations of insider selling involving SUI have certainly stirred up quite a bit of controversy. Pseudonymous crypto analyst Light revealed on social media that wallets linked to the SUI initial coin offering (ICO) sold over $400 million worth of tokens during a recent price surge.
Despite the controversy, SUI price has continued to rise. The price of SUI today is up by 3.4% in the last 24 hours, trading around $2.10. This increase is likely due to Bitcoin price surging above $68,000 on Wednesday, Oct. 16, pulling the entire crypto market up with it.
3 Reasons Why SUI Price Could Hit $100
Reaching the $100 price target requires a combination of sector-specific growth, key partnerships, and broader market factors, such as a bull market and broader crypto adoption. A crypto analyst has predicted the asset has the potential to soar to $10, and his prediction hinges on several factors:
1. Finance and Gaming Adoption
The growth of DeFi and gaming sectors on the blockchain is crucial for the success of the token. Sui blockchain supports high throughput and low fees, making it attractive for developers and users to build and use these two key sectors. DefiLlama data shows that price always follows a chain’s TVL growth.
Gaming and DeFi are likely to bring in the value needed to boost the asset’s price to $100.
2. Partnerships
Strategic partnerships with major players in the finance and gaming industries can significantly boost the asset’s visibility and adoption. For instance, collaborating with established gaming companies can lead to the development of innovative blockchain-based games that attract a large user base.
A good example is the Telegram Mini-app Ton-based game Watbird, which partnered with the $35 billion giant Animoca Brands, attracting over 9 million monthly users. Most recently, Animoca Brands announced the buyback of WAT tokens from the market in an effort to create scarcity and boost its price.
Similarly, partnerships with financial institutions can facilitate the integration of SUI into various financial services, increasing its utility and demand
3. Institutional Investors and Regulatory Clarity
Institutional investors play a vital role in the cryptocurrency market. Their entry into the ecosystem can significantly boost its price. Recently, Grayscale launched an SUI investment trust, signalling growing institutional interest in the token. Additionally, regulatory clarity is essential for attracting institutional investors. Clear and favourable regulations can create a more stable and predictable environment for cryptocurrency investments, encouraging institutions to invest in the asset.
SUI Price Analysis: Bulls Eye $4 In the Short-Term
SUI price action displays a rounding bottom pattern, which is a bullish continuation reversal pattern. The price has already broken out of the handle around $2.08, signalling the start of a potentially strong rally.
The next major target and resistance is the measured move of the cup-and-handle pattern at $4.00, representing ~86% upside from the current price level.
Sui Price Analysis Chart
The immediate support is now the previous breakout level at $2.08. A retest of this level would offer a low-risk buying opportunity. If the price falls below this support level, it could invalidate the bullish thesis, setting up the stage for lower support zones around $1.00.
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