Sui (SUI) has been one of the vital well-liked crypto belongings of 2024, with notably excessive market good points and drastic value losses over the yr. The altcoin is at the moment transferring sideways following a current value rally within the final week. As traditional, these consolidative actions draw a lot hypothesis on the token’s subsequent value motion.
SUI To File ATH At $2.50, Analyst Says
In an X put up on Saturday, market analyst Michaël van de Poppe dropped a brand new value goal for SUI based mostly 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. Nonetheless, Van de Poppe’s forecast tasks the altcoin to keep up its present uptrend and attain a brand new peak between $2.30 – $2.50.
Nonetheless, wanting on the SUI day by day chart, sure indicators current an alternate view. For instance, the asset’s value is nicely above its 100-day easy transferring common indicating it’s doubtlessly overbought and could also be due for a value correction. This place is additional backed by the token’s RSI which is nicely within the overbought zone.
Typically, SUI is without doubt one of the best-performing cash of 2024 with an total value achieve of 182.5% for the reason that begin of the yr. Nonetheless, 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 buyers assured of long-term profitability. Curiously, SUI has been tipped by analysts to emerge because the diamond of the upcoming bull season with the potential to copy Solana’s efficiency in 2021. If this projection proves true, it may rise as excessive as $70 over the subsequent 12-18 months.
Open Curiosity Reaches $664 Million
In tandem with the current value development, 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 energetic buying and selling positions both lengthy or quick available in the market. Curiously, the day by day lengthy/quick ratio at the moment 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 day by day buying and selling quantity is up by 12.55% and is valued at 1.12 billion.
