Sui Price Rises 6% in a Week as Sui Network Records Highest Net Inflows in all Blockchains

Highlights: 

• Sui price elevates 6% in a week as trading volume spikes.
• SUI launches Major League Soccer-themed NFT collectibles platform known as MLS Quest in partnership with crypto startup Sweet.
• Sui network leads all blockchains with the highest new inflows, according to Artemis.

The SUI price is in focus today, having increased 0.56% on Wednesday during European trading hours to $2.03. Its trading volume has notably skyrocketed 7% to $1.25 billion, showing growing interest in the token. SUI is now 6% in a week, 15% in a month, and 327% in a year. 

Fuelling the recent rally is the launch of a Major League Soccer-themed NFT collectibles platform, MLS Quest on Sui, in partnership with crypto startup Sweet. The platform allows MLS fans to collect digital medallions based on highlights from real-world league matches and earn rewards.

🚨BREAKING: Thanks to Sui’s new partnership with @Sweet, @MLS is coming to Sui through their new sports memorabilia collection challenge, MLS QUEST!

⚽Major League Soccer fans will be able to find free “Key Play of the Game Medallions” – tradable digital assets used to level up,… pic.twitter.com/BQLg23LzLj

— Sui (@SuiNetwork) October 28, 2024

The partnership has notably fueled Sui’s net inflows as they hit a record of $24.6 million in the last 24 hours from major chains, reveals real-time data from Artemis

BREAKING NEWS 🌊#SuiNetwork leads all blockchains with the Highest Net Inflows💹

All stats indicators are up. Awesome!

interact & drop your #Sui wallet address (it's simple – don't ask why)#Sui #SuiCommunity pic.twitter.com/XZTiGFVvBu

— Sui Community💧 (@Community_Sui) October 30, 2024

Sui Statistical Data

Based on CoinmarketCap data:

• SUI price now – $2.03
• Trading volume (24h) – $1.25 billion
• Market cap – $5.55 billion
• Total supply – 10 billion
• Circulating supply – 2.76 billion 
• SUI ranking – #18

On October 14, the Sui price set a new ATH at $2.35; however, early profit bookings commenced, leading to the token falling like a dead weight in the air. However, the bulls established a strong support at $1.62, cushioning against further downside. The recent bullish sentiment, led by Bitcoin hitting the $72,000 mark yesterday, also caused a surge in altcoins, including SUI. SUI has rebounded above $2.00 with a spectacular 24% rise. 

Diving into the technical outlook, the SUI price trades well above the 50-day Simple Moving Average (SMA) at $1.88. If this support level stays intact, the SUI price could rally, potentially reclaiming the $2.35 ATH in the short term.

Although not overbought, the Relative Strength Index (RSI) shows rising momentum, tilting the odds in favor of the buyers. Currently, the RSI sits at 61.94. Moreover, there is room for potential upside before SUI is considered overbought. 

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish outlook and hints at the uptrend reaching levels higher than the next resistance at $2.15. The buy signal appeared around October 28, with the blue MACD line crossing above the orange signal line. Traders are inclined to continue buying SUI unless the trend in the MACD changes.

Sui Price Forecast: Will SUI Maintain Its Bullish Momentum?

Based on the technical outlook, the bulls have quashed the seller congestion, painting the bigger picture bullish. Increased buying appetite will see the SUI price break above the next critical resistance at $2.15, reclaiming the $2.35 ATH. In a highly bullish case, SUI price could rally, reaching a new ATH at $3. 

Conversely, if early profit bookings commence at this level, the SUI price will drop. On the downside, the $1.88 support area, coinciding with the 50-day SMA, will act as a cushion against further downward movement.