We have big enough project which is built up with Swift 2.x and now Apple has just released Swift 4 so to move forward for latest version of Swift which path we can choose...
Yes, you first need to migrate your code from Swift 2 to Swift 3, using Xcode 8.
Xcode 8 is the last version to support Swift 2.
Starting with Xcode 9, the supported Swift versions are 3.2 and 4