SUI price surged with bullish momentum and increased interest from the market, signaling the possibility of reaching an all-time high (ATH) as technical indicators favor continued growth.
Sui, a prominent layer-1 blockchain, is experiencing a significant growth spurt. SUI tokens have recently surged, demonstrating a strong bullish trend. Starting from a key support level of around $1 in mid-September, the asset has broken through several key resistance levels. This impressive price action has elevated Sui’s position in the market, making it the focus of traders and investors.
Sui price breakout signals strong growth potential in the market
Sui’s price action is attracting a lot of attention from traders and investors, with many predicting further gains in the coming months. This positive outlook is fueled by a strong 15% gain over the past week, along with a significant 125% jump in just one month.
These gains are pushing Sui closer to its all-time high. Interest in Sui is growing alongside the crypto market rally. Bitcoin’s stability at $65,000 also helps support other cryptocurrencies, opening the door for further gains across the industry. This bullish sentiment reflects Sui’s clear upward trend.
Sui Price Aims for 20% Gain: Is the Upside Sustainable?
Sui had a significant breakout today, rising 11.40% to close at $1.83. This increase came after a period of volatility where the price bottomed at $1.62. The intraday high was $1.84, just shy of the all-time high of $2.18 reached six months ago. Sui is currently trading at $1.74.
In addition, tokens on the Sui ecosystem such as Cetus, Navi (NAVX), SCA, SSWP... have also increased from 150% to 300% in the past month.
Since last year, Sui has seen strong growth, rising more than 400% from its all-time low of $0.3643. This recent uptrend highlights the volatility of the cryptocurrency market and the growing interest in Sui from investors.
This layer-1 blockchain is currently facing important resistance at $2. If market factors continue to move in a positive direction, the asset could climb to $2.1. Recapturing the high of $2.18 would mark a gain of more than 20% from current prices.
Sui’s daily technical indicators show a strong bullish bias. The Relative Strength Index (RSI) currently stands at 79, suggesting that Sui may be overbought. The MACD indicator further reinforces the bullish thesis, with a strong divergence above the signal line.
According to data from Coinglass, the SUI futures market has seen a significant spike in open interest (OI), reflecting active trading activity and growing interest in the asset.
Data shows that SUI prices and open interest have increased rapidly from early August to late September. This increase in trading volume shows that investor confidence is high and speculation is increasing in the futures market.
Sui’s bullish price trend is supported by solid technical indicators and increased trading activity. This positive momentum could soon take Sui back to its all-time high. The market sentiment is currently very bullish, suggesting that Sui’s value could continue to grow in the near term.
