In the rapidly evolving world of cryptocurrency, Sui (SUI) has emerged as a prominent player in 2024. This altcoin has garnered significant attention due to its impressive market gains, despite experiencing notable price losses throughout the year. Currently, Sui is exhibiting lateral movement following a recent surge, prompting widespread speculation about its future price trajectory.
SUI Poised for New All-Time High, Predicts Analyst
Market analyst Michaël van de Poppe recently shared insights on Sui’s potential price movement, suggesting a bullish outlook. According to CoinMarketCap data, Sui posted an impressive 30.01% gain in the past week, ranking as the second-highest performer in the crypto market during that period. This price surge led the digital asset to achieve a new all-time high of $2.28. Van de Poppe anticipates that Sui will continue its upward momentum, potentially reaching a new peak between $2.30 and $2.50.
However, a closer examination of Sui’s daily chart reveals some contrasting indicators. The asset’s price is currently above its 100-day simple moving average, hinting at an overbought condition that may trigger a price correction. Supporting this notion, Sui’s Relative Strength Index (RSI) also indicates it is in the overbought zone.
Despite these signals, Sui remains one of the standout performers of 2024, boasting a remarkable 182.5% increase in value since the year’s onset. However, the market journey for this layer-1 asset has been tumultuous, with a significant 71.5% loss in value between April and August.
Market sentiment around Sui remains bullish, with investors optimistic about its long-term profitability. Analysts have even suggested that Sui could become the standout performer of the forthcoming bull market, potentially mirroring Solana’s remarkable rise in 2021. Should these predictions hold true, Sui might soar to a remarkable $70 over the next 12 to 18 months.
Open Interest Surges to $664 Million
In alignment with Sui’s recent price growth, its Open Interest has surged by 27.10% within the last 24 hours, reaching approximately $664.29 million. Open Interest measures the value of all open trading positions, both long and short, in the market. The current long/short ratio stands at 1.0665, indicating a slight trader bias towards Sui’s potential for further price appreciation.
As of this writing, Sui is trading at $2.22, marking a 9.62% increase in the past day. Additionally, the token’s daily trading volume has surged by 12.55%, totaling $1.12 billion.
These developments highlight Sui’s growing prominence in the crypto market, with investors and analysts closely monitoring its next moves. As the market continues to evolve, Sui’s performance will remain a focal point for those seeking opportunities in the dynamic world of digital assets.
