Sui (SUI) has been one of the most popular crypto assets of 2024, with notably high market gains and drastic price losses over the year. The altcoin is currently moving sideways following a recent price rally in the last week. As usual, these consolidative movements draw much speculation on the token’s next price action.
SUI To Record ATH At $2.50, Analyst Says
In an X post on Saturday, market analyst Michaël van de Poppe dropped a new price target for SUI based on its current bullish momentum. According to data from CoinMarketCap, SUI recorded a 30.01% profit in the last seven days, emerging as the second-highest weekly gainer in the crypto market. Amidst this price gain, the digital asset already notched a new all-time high of $2.28. However, Van de Poppe’s forecast projects the altcoin to maintain its current uptrend and attain a new peak between $2.30 – $2.50.
However, looking at the SUI daily chart, certain indicators present an alternative view. For example, the asset’s price is well above its 100-day simple moving average indicating it is potentially overbought and may be due for a price correction. This position is further backed by the token’s RSI which is well in the overbought zone.
Generally, SUI is one of the best-performing coins of 2024 with an overall price gain of 182.5% since the start of the year. However, it has been a bipolar market experience for the layer-1 asset which lost about 71.5% of its value between April and August.
Current market sentiments around the altcoin are largely bullish with investors confident of long-term profitability. Interestingly, SUIhas been tipped by analysts to emerge as the diamond of the upcoming bull season with the potential to replicate Solana’s performance in 2021. If this projection proves true, it could rise as high as $70 over the next 12-18 months.
Open Interest Reaches $664 Million
In tandem with the recent price growth, the Open Interest on SUI has grown by 27.10% in the last 24 hours reaching around $664.29 million. For context, Open Interest measures the value of all active trading positions either long or short in the market. Interestingly, the daily long/short ratio currently stands at 1.0665, indicating traders are slightly more confident of SUI experiencing a price gain in the future.
At the time of writing, SUI trades at $2.22 reflecting a 9.62% gain in the last day. Meanwhile, the token’s daily trading volume is up by 12.55% and is valued at 1.12 billion.
Featured image from Forbes, chart from Tradingview
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