The interest rate cut by the US Federal Reserve has been one of the biggest stories in the crypto space this week, with most large-cap assets making something of a recovery in the past few days. As a result, Sui (SUI) is one asset whose price performance has largely gone under the radar in the last seven days.
SUI Price Overview
As of this writing, the price of SUI stands at $1.50, reflecting a more than 7.5% increase in the past 24 hours. This impressive single-day performance highlights the bullish momentum that the token has been enjoying over the past few weeks.
The Sui token ranks amongst some of the best performers in the top 100 largest cryptocurrencies by market capitalization in the last seven-day period. According to data from CoinGecko, the altcoin is up by nearly 45% in the past week.
Interestingly, price action data shows that SUI’s hot streak is even more impressive on broader timeframes. Having started September consolidating around the $0.8 region, the token didn’t breach the $1 mark until about two weeks into the month.
However, SUI didn’t take as much time to cross the $1.5 level, another major price landmark. Much of this positive performance can be attributed to the recent attention and adoption of the Sui blockchain in recent weeks.
On September 17, Sui network revealed — in a post on the X platform — a notable partnership with Circle. The stablecoin providing is expanding USDC issuance to the layer 1 blockchain. This development is expected to boost liquidity and attract more users to the Sui network.
Is $1.80 The Next Stop?
As of now, the SUI token seems to be hovering around the psychological $1.5 region — which doubles as a major resistance zone. However, a convincing break above this level could mean a journey up to $1.80, where the next resistance level lies.
In the case that the break above $1.5 is a fake out, the SUI token could fall to the next support level at $1.0125. It is worth noting that the relative strength index (RSI) indicator, which measures the momentum of a trend, is currently in the overbought region.
When the RSI value is above 70, it implies that the token’s price may be gearing for a correction or even a trend reversal. This observation suggests that investors might want to tread with caution, as the SUI token may just be overvalued at the moment.
Nevertheless, the rising open interest has continued to fan the flames of bullish sentiment for SUI. According to data from Coinglass, the token’s open interest stands at around $383 million, reflecting an almost 9% increase in the past day.
Featured image from Unsplash, chart from TradingView
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