Discover why Sui's price surged and why the Elliot Wave and rising meme coin frenzy are signaling an eventual rally to $10.
The price of the needle continued to rise on Monday, May 12, reflecting the performance of the broader crypto market.
It's up 140% from the April low, and an elite wave formation points to an eventual rally to $10. The ongoing Sui meme coin craze also helps support bullish bias.
Needle Price Analysis: Elite Wave pattern signals further gains.
The needle is trading at $4.15 today, its highest level since January, and up 1,040% from last year's low.
This increase makes it the eleventh largest 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 rallied.
The second wave followed and ended in August 2024, while the third wave, often the longest, ended in January of that year. sui coin price The final phase of the elite wave began in April when Donald Trump launched his 'Liberation Day' tariffs.
While the fifth wave is usually short, there are instances when it extends, even longer than the third wave.
This happens when there is frenzy among market participants, resulting in fear of missing out (FOMO).
The next key level to watch will be the all-time high of $5.33. A break above this level would signal that the bulls have prevailed, which could trigger FOMO among retail investors. After that, the coin will likely rise to the key psychological point at $10.
A bullish needle price forecast will be invalidated if it falls below the fourth wave low at $1.7200.
MemeCoin's Craze to Promote Sui Coin
The main catalyst for Suicoin's price will be the memecoin frenzy in its ecosystem. Data from CoinGecko shows that its meme coin has grown, bringing the market cap to over $250 million.
This growth is being fueled by tokens such as Miu, LOFI, Sudeng, Blub, Fud the Pug, and Tardi, which have gained over 40% in the past seven days.
Growing meme coins has helped turn Sui into one of the top players in the decentralized exchange industry. DEX protocols on its network have handled over $3.47 billion in the past seven days, a 30% increase.
They have processed $12.8 billion in the past 30 days, making it the sixth largest protocol behind Solana, BSC, Ethereum, Base, and Arbitrum.
Also, the Securities and Exchange Commission (SEC) may soon approve spot ETFs later this year.
Funded by 21Shares, and Canary Capital has applied for the fund, which they hope will attract investors who see it as a viable alternative to Solana.
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