Sui (SUI) has been one of the vital standard crypto property of 2024, with notably excessive market beneficial properties and drastic worth losses over the yr. The altcoin is at present transferring sideways following a current worth rally within the final week. As common, these consolidative actions draw a lot hypothesis on the token’s subsequent worth motion.
SUI To Report ATH At $2.50, Analyst Says
In an X publish on Saturday, market analyst Michaël van de Poppe dropped a brand new worth goal for SUI primarily based on its present bullish momentum. In accordance with knowledge 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 worth acquire, the digital asset already notched a brand new all-time excessive of $2.28. Nonetheless, Van de Poppe’s forecast initiatives the altcoin to keep up its present uptrend and attain a brand new peak between $2.30 – $2.50.
Nonetheless, wanting on the SUI every day chart, sure indicators current an alternate view. For instance, the asset’s worth is nicely above its 100-day easy transferring common indicating it’s probably overbought and could also be due for a worth correction. This place is additional backed by the token’s RSI which is nicely within the overbought zone.
Usually, SUI is without doubt one of the best-performing cash of 2024 with an total worth acquire 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. Apparently, SUI has been tipped by analysts to emerge because the diamond of the upcoming bull season with the potential to duplicate 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 worth progress, 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 lively buying and selling positions both lengthy or brief available in the market. Apparently, the every day lengthy/brief ratio at present stands at 1.0665, indicating merchants are barely extra assured of SUI experiencing a worth acquire sooner or later.
On the time of writing, SUI trades at $2.22 reflecting a 9.62% acquire within the final day. In the meantime, the token’s every day buying and selling quantity is up by 12.55% and is valued at 1.12 billion.