SUI Price Soars 123% in a Week as Bulls Target $1.20 Mark
The Sui price has outperformed other cryptos, as it has kicked off bullishly today. The token is up a whopping 18% and 123% in a week, with the SUI/USD trading at $1.05 at press time. The noticeable price movement is accompanied by its 24-hour trading volume, which has skyrocketed 112% to $637 million, suggesting intense activity among traders and investors.
This comes as Mechanism Capital founder Andrew Kang recently posted an X thread that provided insights into SUI’s recent price rally. Kang suggested that the bullish trend could be attributed to various factors, including Raoul Pal’s recent endorsement, substantial OTC bids, and a recent technical upgrade that could pave the way for innovative applications on the SUI platform.
No knowledge of anything actually happening but combination of the below leading me to bet that there’s some interesting developments upcoming for $SUI
1. Raoul pal shill thread while he sits on advisory board
2. Large OTC bids
3. Relatively strong holdership through big unlocks… https://t.co/bTtIhHVRHw— Andrew Kang (@Rewkang) August 11, 2024
Moreover, Kaito AI also notes that social mentions for SUI have been 8 times higher than average this past week.
Mindshare for $SUI is ~8x higher than usual.
Out of nowhere? pic.twitter.com/cdCY2eXZBr
— Kaito AI 👨🍳 (@_kaitoai) August 12, 2024
On the other hand, data from Coinglass indicates that the long positions are comparably higher than the short positions, suggesting increased investor interest in the token.
Sui Price Statistical Data
Based on CoinmarketCap data:
- SUI price now – $1.05
- SUI market cap – $2.72 billion
- SUI total supply – 10 billion
- SUI circulating supply – 2.59 billion
- SUI ranking – #30
The SUI price trades with a bullish bias within an ascending parallel channel. Based on the technical indicators, the odds favor the upside, with the token likely to extend the gains.
The Relative Strength Index (RSI) is steadily above the mean level of 50, currently at 72. However, the RSI cautions traders of a potential correction. After climbing from support at the mid-line (50), the RSI jumped into the overbought area. Traders won’t have to worry about sudden pullbacks with the RSI above 70, but this position also means a correction is imminent.
Moreover, the sui price trades well above the 50-day (green) and 200-day(blue) Simple Moving Averages. In this scenario, the bulls have turned the $0.7360 and $0.8052 into immediate support levels, propelling the price to $1.03.
The Moving Average Convergence Divergence (MACD) has flipped below the signal line. However, it teases with a pending buy signal, which will be executed if it crosses above the signal line. As the momentum indicator gradually rests above the mean line (0.00) in the positive region, the path with the least resistance stays on the upside.
Will the Bulls Sustain the Momentum?
Despite the bullish outlook, traders should be cautious of a potential pullback as profiteering begins. Investors who bought SUI in the range channel may want to book profits if the uptrend weakens and a correction begins. SUI’s technical picture on the four-hour chart is bullish, suggesting that bulls have the reins. If the bulls increase their buying appetite, the SUI price could surge to $1.20 in the next 24 hours.
On the other hand, if traders begin to book profits for the 18% gains made on the day, the SUI price could retract. A slip below the $0.8860 support level would inspire panic selling, worsened by an extended leg below $0.8299.Moreover, the bullish sentiment would only be invalidated upon a break and close below the $0.7368 support level.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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