SUI price prediction: After $3.51 ATH, will $6 be next?

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  • Sui price prediction is poised for a move beyond $3.54.
  • The steady buying pressure in recent months was a sign that SUI is likely to run higher.

As an experienced analyst with a knack for spotting trends and a keen eye for market dynamics, I firmly believe that SUI is poised for a significant move beyond $3.54. The steady buying pressure we’ve seen over the past few months, coupled with the impressive trading volume and market cap, suggests that SUI is gearing up for a bull run.

In the last 24 hours, SUI recorded a trading volume of approximately $3 billion. Its total market value currently stands at around $9.4 billion, ranking it as the 14th most valuable asset on CoinMarketCap’s list.

Multi-billion dollar assets sometimes struggle to move higher quickly, unlike smaller assets.

Since September, SUI’s resilience demonstrates strong investor optimism about the token. It’s more probable that we’ll see prices climbing beyond $3.54 and $4, rather than a dip back down to $2.50.

SUI price prediction is bullish on higher timeframes

The market for SUI exhibits a robust upward trend. This positive momentum started around mid-September, although indications of an uptick could be seen as early as August.

The altcoin had been in a downtrend since April, and the trading volume had been low.

In August, there was a significant shift in the pattern of trading activity. An equal amount of capital flowed in during this period, but by September, the bulls managed to take control and have maintained their lead ever since for SUI.

In simpler terms, the long-term outlook for Sui suggests it will rise, but there may be some ups and downs along the way in the near term. A significant support level for Sui is found at around $2.81, which corresponds to the 23.6% Fibonacci extension level.

If the price falls more significantly below $2.81, it could shift the short-term trend to bearish, but the long-term outlook will still be bullish. Moreover, the Moving Average Frequency (MFI) indicates strong upward movement with no signs of a bearish contradiction.

The CMF climbed past last November’s highs to reflect enormous capital flow into the market.

Open Interest takes a slight hit

Like the trading volume, the Open Interest also began to pick up in August.

In the second part of September, as prices increased, the Options Instrument (OI) showed a rise, indicating persistent buying activity in the future market. This trend suggested a bullish sentiment among traders.

Over the past three days, the OI decreased from $771 million to $716 million due to some selling pressure on SUI at around $3.3.

Realistic or not, here’s SUI’s market cap in BTC’s terms

The Weighted Sentiment remained firmly bullish and has been for most of the past month. However, the development activity took a sharp drop in recent weeks.

This dip is likely not a cause for worry, as there have been several such drops in 2024.

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2024-11-15 02:15