Sui’s price recently broke its resistance at $1.5 and has shown significant upward movements.
The altcoin’s daily trading volume surged 66.61% as per CMC data.
Leading stablecoin issuer, Circle announced its decision to move to the Sui Network last week. With that latest announcement, the Sui ecosystem has been quite vibrant in recent times having initiated several projects. Subsequently and due to many other reasons, the SUI token has exhibited a price rally this past week.
Zooming out over the sector, the last 24 hours have been modestly bullish as prices attempt to maintain the recent turn of events. Bitcoin is currently facing resistance at $64K while Ethereum combats the $2.7K levels. Other altcoins have also recorded mild price increases over the past day, at the time of writing.
Notably, prominent altcoin and Sui Network’s SUI token recorded an additional 10.48% price increase in the last 24 hours. The token has now climbed past its $1.5 resistance level and is trading at the $1.7 range. Sui price maintained the recent upward trend apart from a brief bearish appearance momentarily during the day.
At the time of writing, SUI was trading at $1.7320 as per CMC data. Additionally, the altcoin hit a 175-day high of $1.7929 on September 24 after which it fluctuated downward moderately. This has caused a buying spree among investors propelling Sui to enter an overbought market situation. The token’s RSI standing at 82.38 highlights the aforementioned market sentiment.
Will SUI Price Hit a New ATH in the Coming Months?
Prominent market analyst Ali stated recently that Sui’s (SUI) price actions resemble Solana’s movements before its bullish breakout in 2021. If the altcoin sustains its price rally, then it can be expected to surpass its current ATH at $2.18. However, on inferring the daily price chart of the token, SUI might face resistance at $1.7692 and $1.9565.
Meanwhile, Sui’s Moving Average Convergence Divergence (MACD) shows that the token is currently on a bull run. The signal line stands above the MACD line indicating the positive price movement as per TradingView data.
Zooming out, over the past week SUI’s price performance stands at 47.67%. Additionally, this has resulted in a 78% price increase over the past 30 days. This massive price increase has garnered SUI immense market attention.
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