Sui (SUI) has been some of the well-liked crypto belongings of 2024, with notably excessive market positive aspects and drastic value losses over the 12 months. The altcoin is presently shifting sideways following a latest value rally within the final week. As regular, these consolidative actions draw a lot hypothesis on the token’s subsequent value motion.
SUI To Document ATH At $2.50, Analyst Says
In an X submit on Saturday, market analyst Michaël van de Poppe dropped a brand new value goal for SUI primarily based on its present bullish momentum. In line with information from CoinMarketCap, SUI recorded a 30.01% revenue within the final seven days, rising because the second-highest weekly gainer within the crypto market. Amidst this value achieve, the digital asset already notched a brand new all-time excessive of $2.28. Nevertheless, Van de Poppe’s forecast initiatives the altcoin to take care of its present uptrend and attain a brand new peak between $2.30 – $2.50.
Nevertheless, wanting on the SUI every day chart, sure indicators current another view. For instance, the asset’s value is effectively above its 100-day easy shifting common indicating it’s probably overbought and could also be due for a value correction. This place is additional backed by the token’s RSI which is effectively within the overbought zone.
Usually, SUI is among the best-performing cash of 2024 with an general value achieve of 182.5% for the reason that begin of the 12 months. Nevertheless, it has been a bipolar market expertise for the layer-1 asset which misplaced about 71.5% of its worth between April and August.
Present market sentiments across the altcoin are largely bullish with traders assured of long-term profitability. Apparently, SUI has been tipped by analysts to emerge because the diamond of the upcoming bull season with the potential to duplicate Solana’s efficiency in 2021. If this projection proves true, it might rise as excessive as $70 over the subsequent 12-18 months.
Open Curiosity Reaches $664 Million
In tandem with the latest value progress, the Open Curiosity on SUI has grown by 27.10% within the final 24 hours reaching round $664.29 million. For context, Open Curiosity measures the worth of all lively buying and selling positions both lengthy or brief available in the market. Apparently, the every day lengthy/brief ratio presently stands at 1.0665, indicating merchants are barely extra assured of SUI experiencing a value achieve sooner or later.
On the time of writing, SUI trades at $2.22 reflecting a 9.62% achieve within the final day. In the meantime, the token’s every day buying and selling quantity is up by 12.55% and is valued at 1.12 billion.
