During a time of market volatility, cryptocurrencies are seeing a significant rally, with top assets like Bitcoin (BTC) and Ethereum (ETH) leading the charge. Amidst this uptrend, SUI is also making waves with its bullish chart and substantial price surge over the last 24 hours.
SUI Price Analysis
Currently trading near $0.86, SUI has experienced a remarkable 32% price surge in the past day. Moreover, its trading volume has skyrocketed by 73% during the same period, indicating increased investor participation.
SUI Open Interest Soars to 92%
In addition, SUI’s open interest has surged by 92% in the last 24 hours, with a further 12% increase in the past hour. This surge in open interest suggests growing interest from both investors and whales amidst market volatility.
The bullish performance of SUI can be attributed to a positive sentiment in the market, as well as asset manager giant Grayscale’s announcement on X (formerly Twitter) on August 8, 2024. In their post, Grayscale announced the addition of SUI to their investment product, the “Grayscale SUI Trust”.
SUI Price Prediction
Technical analysis suggests that SUI is looking very bullish and could potentially rise by 60% to reach the $1.4 level in the coming days. Currently, it is facing strong resistance near the $0.88 level on a daily time frame.
If SUI manages to close above the $0.88 level on a daily candle, it could easily achieve its target in the near future. With positive market sentiment, SUI could even reach the $2 level by the end of 2024.
Overall, the cryptocurrency market is up by 8.4%, with leading assets such as BTC, ETH, and BNB experiencing price surges of over 6%, 7.5%, and 45% respectively in the past 24 hours.
