Sorry for slow response, but yes it should be possible - and hopefully fairly straight forward. Check out the SuiteCRM upgrade docs.

As they note in their docs before you start, make a backup - just in case something goes wrong. If possible, I'd suggest doing the upgrade on a separate test server first so if there are any hiccups you can resolve them before putting your "real" server out of action.

If you have any issues or problems, please post back and I'll do my best to reply MUCH quicker than I did this time. Even if it goes well, it'd be great to hear back about it.

Good luck.