SUI price is climbing towards an all-time high of $2.18. It has increased by an impressive 134% in the past month.
The cryptocurrency market is excited as Sui (SUI), a Layer-1 blockchain protocol, gets closer to its highest price ever of $2.18. In the past month, the token’s price has jumped more than 134%, leading traders and analysts to wonder if it will keep growing.
SUI Soars: 18% Price Surge in a Week
Sui price is going up fast! This has made many people excited. On Monday, it went up by a big 18%. Over the weekend, Sui’s price stopped going down at a low point of $1.611. This made many people think that the price would go up even more.
The token also had a strong 11.51% increase in just 24 hours. This boost improved its market performance and made it stand out among altcoins. This upward trend is mainly because SUI’s total value locked (TVL) has now surpassed $1 billion. This is an important milestone that shows growing investor confidence.
Bybit’s support for SUI through its Launchpool has also played a pivotal role in this price action, marking SUI as the platform’s first native cryptocurrency. Daily transactions on the Sui blockchain have risen sharply. Data from Artemis shows a remarkable 120% increase in October. Transactions grew from $4.1 million to $9 million.
The price surge has correspondingly boosted SUI’s market capitalization, which now stands at around $5.78 billion, making it the 18th largest cryptocurrency by market cap. Trading activity has jumped to $1.489 billion, a rise of over 109%. This surge might be because investors are taking profits after recent price gains.
Technical Analysis: Is a SUI Price Correction Imminent?
Despite the recent price increase, SUI might face some volatility soon. The Relative Strength Index (RSI) is at 76.78, above the overbought level of 70. When the RSI is over 70, it often means the price might drop as investors take profits. This could lead to a short-term decline in SUI’s price as it stabilizes.
Analysts Divided on SUI Next Move: SUI price
Sui price: Market analysts have different opinions about what will happen next with SUI. Some think the price will drop before going up again, while others believe it could break out to new highs. Experienced traders are careful about a possible “fake breakout.” Analyst Stephan B warns that traders should be cautious not to become “exit liquidity” for bigger players in the market.
According to this analysis, SUI could demonstrate a false breakout above its current all-time high, luring inexperienced traders into believing in a clear bullish run. However, Stephan anticipates a subsequent pullback that may see the cryptocurrency drop to support levels in the $1.40 to $1.10 range before finding its footing.
Once SUI stabilizes, there is potential for it to retest its previous all-time high. If this happens, it might even experience a robust breakout. In such a scenario, traders could see SUI reach the 1.272 Fibonacci level at $3.32 during the current October bull run.
In conclusion, SUI price is rising and getting closer to its all-time high of $2.18. This has created a lot of excitement in the cryptocurrency market.
Also Read: Sui Crypto Surges to $1.9: Reasons Behind Its Bullish Rally in October 2024
