SUI Surges 10.52%, Analysts See Potential Above $7
The Most Important Facts at a Glance
SUI recorded a price increase of 10.52% in the last 24 hours, reaching 3.31 USD. Analysts predict further growth with potential price targets above 7 USD. On-chain data indicates increasing network activity and higher accumulation.
Current Price Development of SUI
The price of SUI rose from 2.85 USD to 3.31 USD within a day. This increase suggests a possible trend reversal after an extended period of price correction. The support level in the range of 2.85 to 3.00 USD remains crucial for further development.
Technical Analysis and Resistance Zones
According to data from Cryptowaves, the Relative Strength Index (RSI) is at 45, indicating a neutral market situation. If the price continues to rise, the next resistance levels could be at 5.35 USD, 6.16 USD, and 7.22 USD.
On-Chain Data and Network Activity
According to OKlink data, the number of active addresses in the Sui network increased by 55,522 in the last 24 hours. The total number of addresses grew by 102,883, while trading volume rose by 7.15%. Analysts report that the network now has a higher transaction volume than Ethereum, Arbitrum, and Optimism combined.
Market Sentiment and Investor Mood
Data from Coinglass shows an increase in open interest on major crypto exchanges, indicating a positive market sentiment. The long-to-short ratio, according to Coinanalyze, is above 2.3, suggesting an optimistic stance among investors.
Outlook for SUI
The Sui network plans to introduce new projects to expand its ecosystem. Its low transaction fees, scalability, and high processing speed make it attractive for DeFi and NFT applications. If the price holds the support level at 2.85 USD, the next price targets could be at 6.12 USD and beyond at 7.22 USD.
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Our Assessment
The increasing network activity and growing interest from institutional investors support a positive price development for SUI. However, investors should closely monitor resistance and support zones before making decisions. A sustained rise above 6.12 USD could pave the way for new all-time highs.
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