SUI Token Hits All-Time High, Bullish Momentum Continues
The Essentials at a Glance
- The SUI token reached an all-time high (ATH) of 3.51 USD.
- The market capitalization of SUI stands at 9.4 billion USD, placing it at 14th on CoinMarketCap.
- The trading volume over the last 24 hours was 3 billion USD.
- A rise above 3.54 USD and 4 USD is more likely than a drop to 2.50 USD.
- The market structure remains bullish in the long term, although short-term volatility is possible.
Current SUI Price Development
The SUI token has shown an impressive upward movement in recent months. Since mid-September, the price has been in a stable uptrend after previously declining since April. Trading volume was relatively low during the downtrend, but this changed abruptly in August. Since then, there has been a strong inflow of capital, indicating growing conviction among buyers.
With a current price of 3.51 USD and a market capitalization of 9.4 billion USD, SUI holds the 14th spot on CoinMarketCap. Despite the token’s size, there are signs that the price could continue to rise. A breakthrough above 3.54 USD and 4 USD seems more likely than a drop to the 2.50 USD level.
Technical Analysis: Bullish Trend Continues
Technical analysis shows that the SUI token has a strongly bullish market structure. The price increase since September is supported by solid trading activity, and there are no signs of a significant reversal. However, short-term volatility could occur.
An important support area lies at 2.81 USD, the 23.6% Fibonacci extension level. Should the price fall below this level, the short-term trend could reverse. On the daily timeframe, however, the trend remains positive. The Money Flow Index (MFI) also shows strong upward momentum, with no signs of bearish divergence.
Open Interest and Trading Volume
Open Interest (OI), an indicator of interest in futures contracts, also began to rise in August. This suggests that traders are increasingly betting on rising prices. However, in recent days, OI slightly decreased from 771 million USD to 716 million USD, indicating some selling pressure around the 3.30 USD level.
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Despite this slight decline, the overall picture remains positive. Rising prices and stable open interest suggest that market participants continue to believe in an increase in the SUI price.
Development Activity and Sentiment
Weighted sentiment, an indicator of market participant sentiment, has remained firmly bullish for over a month. However, development activity has significantly decreased in recent weeks. This decline should not be overemphasized, as similar fluctuations have occurred multiple times in 2024 without affecting the long-term trend.
Our Assessment
The outlook for the SUI token remains positive. The strong market structure and continued buying interest suggest a continuation of the upward trend. Short-term pullbacks are possible, especially if the price falls below the 2.81 USD mark. However, in the long term, a rise above 3.54 USD and possibly even 4 USD is the more likely scenario.
Development activity should be monitored, as a long-term decline here could indicate potential issues. Overall, the SUI token remains an interesting option for investors looking to bet on the continuation of the bullish trend.
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