Weighted sentiment has remained firmly bullish for much of the past month as Sui maintains its upward trend.

  • Sui’s price is expected to cross $3.54.

  • Steady buying pressure in recent months suggests that the Credit Suisse Index (SUI) could move further higher.

Sui [SUI] has a trading volume of $3 billion in the past 24 hours and an asset market cap of $9.4 billion, ranking 14th on CoinMarketCap.

Unlike smaller assets, multi-billion dollar assets sometimes struggle to rise quickly.

The strong momentum that SUI has shown since September is a testament to the bullish sentiment towards the coin. A breakout above $3.54 and $4 is more likely than a pullback to $2.5.

SUI Price Prediction Bullish on Higher Timeframes

SUI has a strong bullish market structure. The stock has been trending higher since mid-September but only showed signs of a rebound in August.

The altcoin has been in a downtrend since April and trading volumes have been low.

In August, the volume trend changed dramatically. The inflows were evenly matched, but in September the bulls won, and SUI has not looked back since then.

Sui’s price prediction is bullish in the long term, but there could be some volatility in the short term. Lower time frame analysis shows that the 23.6% Fibonacci extension level at $2.81 is a key support area.

A deeper retracement below $2.81 would turn the bias on lower time frames bearish, but the daily chart would remain bullish. The MFI is showing strong upward momentum with no bearish divergence.

CMF surpassed last November's high, reflecting the massive capital inflows into the market.

Open interest fell slightly

Like trading volume, open interest also started to pick up in August.

The rise in OI reflects stable bidding in the futures market as prices rise in the second half of September. This reflects bullish conviction.

As SUI faced some selling pressure in the $3.3 area, OI declined from $771 million to $716 million in the past three days.

Weighted sentiment remains firmly bullish and has been so for much of the past month. However, development activity has fallen sharply in recent weeks.

This drop may not be a cause for concern, as 2024 has already seen several such drops.