Amid this market volatility, the overall cryptocurrencies are experiencing a massive rally including top assets such as Bitcoin (BTC) and Ethereum (ETH). During this uptrend, SUI is making a wave following its bullish chart and significant price surge in the last 24 hours.
SUI price analysis
As of writing, SUI is trading near $0.86 and has experienced a significant 32% price surge in the last 24 hours. Additionally, SUI’s trading volume has also skyrocketed by 73% during the same period. This notable increase in trading volume suggests higher participation from investors in the last 24 hours.
SUI open interest soars to 92%
Additionally, SUI’s open interest has also exploded. According to an on-chain analytic firm CoinGlass, its open interest has surged by 92% in the last 24 hours. Whereas, 12% in the last hour. This remarkable surge in open interest indicates growing interest from both investors and whales amid the market volatility.
However, the potential reason behind SUI’s tremendous performance is the bullish sentiment and the asset manager giant Grayscale’s announcement on X (previously Twitter) on August 8, 2024. In a post on X, Grayscale shared that they have added SUI to their investment product under the name of “Grayscale SUI Trust”. The post also noted,
“Sui is redefining the smart contract blockchain.”
SUI price prediction
According to the expert technical analysis, SUI is looking super bullish and could soar 60% to 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 gives a daily candle closing above the $0.88 level, it could easily achieve the target in the coming days. However, investors’ and traders’ sentiments are in favor of an upside move. If the bullish market sentiment persists throughout the year, we could see SUI at the $2 level before 2024 ends.
As of now, the overall cryptocurrency market is up by 8.4%. Whereas, top assets including BTC, ETH, and BNB have experienced a price surge of over 6%, 7.5%, and 45%, respectively, in the last 24 hours.
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