Sui (SUI), the layer 1 blockchain, is making waves in the cryptocurrency realm due to its impressive performance in the past few days. Today, on August 11, 2024, SUI has once again outperformed the crypto market with a remarkable price increase of over 11% in the past 24 hours.
Why is the SUI price rising?
This notable price increase was possibly caused by the significant 92% increase in SUI’s open interest yesterday and Grayscale’s announcement on August 8, 2024. In addition, the recent breakout also plays a significant role in the price increase.
SUI Price Prediction
On August 9, 2024, SUI made a crucial breakout from the $0.89 resistance level. After this breakout, SUI cleared its path to potentially surge another 20% to the $1.15 level in the coming days. However, this $1.15 level is another resistance level that may act as an obstacle for SUI’s further upward movement.
If SUI breaks out further and closes the daily candle above $1.20, it could reach $1.40. Current market sentiment for this layer 1 blockchain suggests that SUI could reach this level within August 2024.
Despite this significant price increase, SUI is still trading below the 200 Exponential Moving Average (EMA) on a daily timeframe. When the asset’s price is below the 200 EMA, it indicates that the asset is in a downtrend. However, another technical indicator, the Relative Strength Index (RSI), is showing a potential price reversal as it is in the overbought zone.
Increase in price and outstanding interest
At the time of going to press, SUI is trading at around $0.94 and has seen a price increase of 11% in the past 24 hours. Despite a significant price increase, SUI’s trading volume has dropped by 20% in the same period. This drop in trading volume indicates lower participation.
On the other hand, SUI’s open interest continues to rise. Despite yesterday’s 92% increase, today’s open interest has increased by 30%. This increase in open interest indicates bullishness in SUI and significant interest from investors and traders.
