Sui’s (SUI) meteoric rise continues, with the token reaching a new all-time high of $2.37. This significant milestone was accompanied by a surge in trading volume, surpassing the $2 billion mark for the first time since its launch in May 2023.
A Bullish Sentiment Prevails
The increase in trading volume is a strong indicator of heightened investor interest and engagement. As the demand for SUI grows, its price is likely to follow suit. The recent bullish sentiment is further supported by the Long/Short ratio, which has risen above 1.09. This indicates that a larger proportion of traders are holding long positions, anticipating a price increase.
Technical Analysis Points to Further Upside
A technical analysis of the daily chart reveals a bullish trend for SUI. The token has successfully broken above the 20-day and 50-day Exponential Moving Averages (EMAs). This bullish crossover suggests that the upward momentum may continue.
If the current trend persists, SUI could potentially climb above its recent all-time high and reach $3. However, it’s important to note that potential profit-taking could lead to a price correction. In such a scenario, the token might retrace to the $1.93 support level.
Long-Term Potential
While short-term price fluctuations are inevitable, some analysts are optimistic about SUI’s long-term potential. Renowned crypto analyst Crypto Doc has predicted that SUI could eventually reach a price of $10. Such a significant price increase would require sustained bullish momentum and a favorable market environment.
Chart Analysis Series of the Projects in Top 100 📊$SUI
— CryptoDoc (Gem Hunter💎) (@cryptodoc_) November 7, 2024
6.3B Mcap
Nicely bounced from our Buy Zone 1 at 1.8
Currently 25% Up
Touched the upper resistance at 2.3
We need to break and retest it to keep the pump going.
Best case scenario is we retest the trend line and then… pic.twitter.com/TO8dFXgtFL
Sui’s recent price surge and increased trading volume have ignited excitement among investors. While the short-term outlook appears bullish, it’s crucial to approach any investment with caution and conduct thorough research before making any decisions. As the crypto market remains volatile, investors should monitor market trends and be prepared for potential price fluctuations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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