SUI Price Surges 31% in a Week as Investor Confidence Increases; Is $5 Within the Reach?
SUI price has secured a spot among the best performers in the crypto market, with its value rising by more than 1% in the last 24 hours. SUI is now up 31% in a week and 41% in a month and still boasts a whopping 162% growth in a year. Its 24-hour trading volume has notably increased 21% to $637 million, signaling investor confidence in SUI.
The recent price movement follows key partnerships in the SUI ecosystem. Recently, the SUI network partnered with MoviePass to help decentralize the film industry, empower movie producers with innovative tools, and enable fans to influence how their favorite films come to life.
💧 Sui x MoviePass are teaming up to help decentralize the film industry: https://t.co/OZxV6AYhuW
— Sui (@SuiNetwork) September 17, 2024
Moreover, the CEO of Circle, the issuer of USD Coin (USDC), announced the upcoming deployment of the second-largest stablecoin by market cap on the Sui network. Notably, USDC will become natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP).
BREAKING 🔥 @jerallaire, Co-Founder, CEO & Chairman, Circle announces native $USDC launching soon on @SuiNetwork!! pic.twitter.com/oEZBIYFSdr
— Stravia.sui 111.sui (@vyz_cm) September 17, 2024
On the other hand, traders and investors are optimistic about the SUI price going ballistic in the coming days. With support from the rising volume and high open interest, the SUI price could soon rally to $5.
$SUI
this rise is perfect
Volume increased
High OiGo on #SUI https://t.co/m6B8AlVXAv pic.twitter.com/H1D6NQdFgz
— Yuriy 🔶 BikoTrading | OrderFlow Trader (@Yuriy_Biko) September 18, 2024
Sui Statistical Data
Based on CoinmarketCap data:
- SUI price now – $1.16
- Trading volume (24h) – $637 million
- Market cap – $3.11 billion
- Total supply – 10 billion
- Circulating supply – 2.67 billion
- SUI ranking – #25
SUI Set to Break Above the Rising Channel
The SUI price is up 1% to $1.16 at press time as the uptrend gains momentum. An ascending channel holds the uptrend in place, as key buy signals from indicators like the Moving Average Convergence Divergence (MACD) reveal that the path with the least resistance is to the upside.
A buy signal has emerged, with the blue MACD line flipping above the orange signal line. The momentum indicator has also changed the trend, jumping to the positive region, further reinforcing the bullish narrative.
Moreover, the golden cross cements the bullish picture in the SUI market. A golden cross often manifests when the short-term (50-day SMA) crosses above the long-term (200-day SMA).
SUI holds above crucial moving averages like the 50-day Simple Moving Average (SMA) (green) and the 200-day SMA (blue). Moreover, if the bulls keep the $1.18 support steady, the SUI price could record a new ATH at around $2 in the short term.
The Relative Strength Index (RSI) adds credibility to the uptrend as it pushes above the midline, targeting the overbought region. Meanwhile, the SUI price seems out of the woods as the bulls gear up towards a new ATH.
SUI Price Outlook
The price of SUI has continued to print higher highs and lower lows on the 4-hour chart, forming an ascending channel. If the buyers keep adding to their positions, SUI could surge. In such a case, the altcoin could soon flip the $1.29 immediate resistance into the support floor, causing the SUI price to surge to around $1.60. In a highly bullish case, the price could hit $2.
On the downside, SUI falling out of the bullish channel within the next 24 hours might invalidate the bullish thesis. As a result, the Sui price might test the support level at $1.04. Increased selling pressure could cause SUI to drop and retest the $0.91 support level in the short term.
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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