As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen more than my fair share of market swings and trends. SUI, in my humble opinion, is an altcoin worth keeping an eye on in 2024. While it’s essential to consider both bullish and bearish scenarios, I’m leaning towards the former, given its impressive performance this year.
2024 saw SUI (SUI) as one of the top crypto picks, exhibiting remarkable market growth and significant price drops throughout the year. At present, this altcoin is holding steady after a recent surge in value during the past week. As is often the case, such periods of consolidation spark a lot of debate about the token’s potential future price trends.
SUI To Record ATH At $2.50, Analyst Says
On Saturday, market analyst Michaël van de Poppe shared a fresh price prediction for SUI, taking into account its recent bullish surge. As per CoinMarketCap’s data, SUI saw a 30.01% increase in the past week, making it the second-best weekly performer in the crypto market. Already, SUI has achieved a new record high of $2.28. But Van de Poppe anticipates that the cryptocurrency could continue its upward trend and potentially reach a new pinnacle between $2.30 and $2.50.
On examining the SUI daily chart, some signals suggest a contrasting perspective. For instance, the asset’s price significantly exceeds its 100-day simple moving average, implying it could be overbought and might need to correct soon. This view is also supported by the token’s RSI, which is quite high in the overbought region.
Typically, SUI is among the top-performing cryptocurrencies in 2024, boasting a total price increase of 182.5% since the beginning of the year. Nevertheless, the journey for this layer-1 asset has been quite volatile, experiencing a significant drop of approximately 71.5% in value between April and August.
At present, there’s a generally optimistic outlook towards altcoins among investors who believe in their long-term profit potential. Intriguingly, SUI is being predicted by analysts to be a standout performer during the upcoming bull market, similar to Solana’s success in 2021. If this forecast holds up, it could potentially reach heights of around $70 within the next 12-18 months.
Open Interest Reaches $664 Million
Over the past day, as prices have risen, Open Interest for SUI has increased by approximately 27.10%, amounting to around $664.29 million. To clarify, Open Interest represents the total value of all open trades, whether long or short, in the market. At present, the daily ratio of long to short trades is 1.0665, suggesting that traders are slightly optimistic about SUI potentially increasing in value in the near future.
Currently, at this moment of typing, SUI is being traded for $2.22, marking a 9.62% increase in value over the past day. Simultaneously, its daily trading volume has risen by 12.55%, amounting to approximately 1.12 billion dollars.
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2024-10-13 12:58