Sui (SUI) has been some of the standard crypto property of 2024, with notably excessive market good points and drastic worth losses over the 12 months. The altcoin is presently transferring sideways following a latest worth rally within the final week. As regular, 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 based mostly on its present bullish momentum. In line with information 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. Nevertheless, 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.
Nevertheless, wanting on the SUI each day chart, sure indicators current an alternate view. For instance, the asset’s worth is effectively 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 effectively within the overbought zone.
Typically, SUI is likely one of the best-performing cash of 2024 with an general worth acquire of 182.5% because the begin of the 12 months. Nevertheless, 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 traders assured of long-term profitability. Curiously, 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 might rise as excessive as $70 over the following 12-18 months.
Open Curiosity Reaches $664 Million
In tandem with the latest worth development, 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 energetic buying and selling positions both lengthy or quick out there. Curiously, the each day lengthy/quick ratio presently 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 each day buying and selling quantity is up by 12.55% and is valued at 1.12 billion.
