SUI hits new highs, can the bullish momentum push the price to $5 this weekend?

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SUI's momentum continues after reaching its all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% this week for the second time, approaching the $5 mark, igniting investor optimism about the future price trajectory of the token.

SUI hits new high, approaching $5

SUI is one of the leading cryptocurrencies in this bull market, with a year-to-date (YTD) increase of over 521%, and nearly 182% since the fourth quarter began. The token also outperformed the market during corrections in the second and third quarters, achieving significant gains while most altcoins struggled.

As the cryptocurrency market heats up in preparation for the U.S. elections, SUI experienced a brief consolidation period after breaking through its March peak. The token's price hovered between $1.7 and $2.3 before continuing its 'price discovery' mode in November.

The explosive surge after the U.S. elections pushed cryptocurrency prices over the $3 mark, approaching the $4 threshold, before retreating. Nevertheless, SUI's momentum resumed on December 5, reaching the $4.5 mark, thanks to Bitcoin's first breakthrough of $100,000.

This week, the token's upward trend continues, with SUI rising 14% in the past 7 days and setting a new record of $4.92 on Friday morning. After surpassing Polkadot (DOT), SUI's outstanding performance has also propelled the token into the top 15 cryptocurrencies by market capitalization.

Will SUI's price peak in June?

In SUI's performance, several analysts have pointed out that this token, often referred to as the 'Solana killer,' seems to be repeating SOL's trajectory from 2021. Market observer Mags compared the two charts, indicating that investors are not yet prepared for SUI's impending movement.

During the 2020-2021 cycle, Solana experienced significant gains, pushing its price to previous highs. Its price trajectory gave SOL momentum at the end of 2020, soaring to its first major peak in May 2021. Subsequently, Solana consolidated for several months before resuming its upward trend, reaching a peak of $259 in late November 2021.