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Cryptocurrency News Articles
Sui (SUI) Eyes New ATH at $2.50 as Market Analyst Michaël van de Poppe Drops New Price Target
Oct 13, 2024 at 02:00 pm
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.
Despite a turbulent year marked by both impressive market gains and substantial price losses, Sui (SUI) has managed to captivate the attention of crypto enthusiasts. As the altcoin consolidates following a recent price rally, speculation abounds regarding its next move.
Closely tracking the token’s price action, market analyst Michaël van de Poppe shared a new price target for SUI in an X post on Saturday. The analysis stems from the asset’s recent bullish momentum.
According to data from CoinMarketCap, SUI recorded a 30.01% gain in the last seven days, making it the second-highest weekly gainer in the crypto market. Notably, the digital asset already scaled to a new all-time high of $2.28.
However, van de Poppe’s analysis suggests that the altcoin will continue its uptrend, reaching a new peak of $2.30 – $2.50.
But a glance at the SUI daily chart reveals certain indicators that might present a contrasting perspective.
For instance, the asset’s price is trading significantly above its 100-day simple moving average, indicating that it may be overbought and ripe for a price correction.
This position is further supported by the token’s RSI, which is currently deep in the overbought zone.
Overall, SUI has been one of the best-performing coins of 2024, with an overall price gain of 182.5% since the beginning of the year.
However, the layer-1 asset experienced a bipolar market, losing about 71.5% of its value between April and August.
Current market sentiment around the altcoin is largely bullish, with investors optimistic about long-term profitability.
notably, several analysts are bullish on SUI, envisioning it as the diamond of the upcoming bull season and predicting that it could rise as high as $70 over the next 12-18 months if this projection holds true.
Moreover, Open Interest on SUI increased 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 is currently 1.0665, indicating that traders are slightly more confident in a future price increase for SUI.
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.
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