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Buy Sui (SUI): November 2024 Price Forecast and Potential Breakout for the ‘Solana Killer

Sui (SUI) Price Prediction for November 2024: Breakout Potential Amid U.S. Election Influence

As we move into November 2024, the Sui (SUI) price shows signs of a significant breakout, currently up by 12%. Some analysts anticipate this momentum could propel SUI towards a $10 target, especially with the potential influence of the U.S. election on market sentiment. Here’s a closer look at the November price prediction for Sui, often called the "Solana Killer." 





Key Highlights:

  • Sui Approaching Major Breakout: Analysts predict a price target of $10 for SUI in November 2024, potentially rallying to $40 if it echoes Solana’s previous bull cycle.
  • Election Impact on Crypto Market: Market watchers believe a Donald Trump victory could boost crypto sentiment, likely fueling SUI’s rally.

Current Market Performance:

On October 30, SUI surged 12% during pre-market hours in London, trading at $2.07 and outperforming the top 100 cryptocurrencies by market cap. Against Bitcoin, it gained 9.8%, signaling a possible breach of its previous all-time high at $73,738.

This recent performance may be linked to positive Bitcoin momentum, a growing ecosystem, and upbeat market sentiment. According to CoinGecko, SUI’s 24-hour trading volume rose by 97%, suggesting a strong wave of investor interest.


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November 2024 Price Prediction:

Data from Coinglass indicates a significant skew toward long positions, with $83.35 million in longs compared to $17 million in shorts, pointing to a strong bullish sentiment. Key support levels around $1.93, $2.03, and $1.79 are balanced by lighter resistance, which may allow SUI to break through new highs.

With the U.S. election just days away, prediction markets currently favor a Trump win, which could be beneficial for the crypto sector. A recent report from Kraken suggests that crypto-savvy voters might play a pivotal role in the election outcome on November 5.

Path to $10 for Sui in November 2024:

Sui’s technical setup is showing a bullish Cup and Handle (C&H) pattern, indicating a likely path toward $10 if it can break past the pattern’s neckline. Initial resistance may appear around $2.70, aligning with an upward channel. With substantial buy pressure, SUI could enter a parabolic rise, aiming for $10 by month-end.

Bearish Scenario:

On the downside, if SUI fails to break the C&H neckline and falls below $0.6, this would suggest market weakness, negating the current bullish outlook.


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Conclusion:

November 2024 could see Sui reach new heights, with favorable market sentiment, technical patterns, and potential U.S. election impacts all adding to the momentum. Investors and enthusiasts will be watching closely as the “Solana Killer” aims for an ambitious breakout.

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