- SUI price paused gains near $1.70 and was eyeing to cross the $2 mark.
- Technical indicators and market trends indicate a bullish outlook.
In recent sessions, layer-1 blockchain Sui (SUI) witnessed a massive bullish rally and took a breather at the higher levels. Last month, the SUI price noted a triple-digit surge of over 110% and climbed above the key EMAs.
The bullish sentiment among investors represented a rising demand and growing development activity surrounding the SUI Network.
Considering the bullish sentiment, sustained buying momentum was exhibited on the chart. Alongside the price surge, the rising trading volume confirms the buyer interest.
SUI crypto is poised to crack its 52-week high region and has recently witnessed a series of higher highs. Amid the mixed market sentiments, SUI crypto remained resilient and witnessed outperformance.
SUI Price Poised For Another Surge: Is $2 Breakout Imminent?
The SUI price witnessed a notable rise of over 110% on the daily chart in the last three weeks. The price action indicates buyer accumulation and signals a positive market sentiment.
SUI Price by TradingView.com
SUI Network price was capped in a tight range for the last two months and failed to soar above the $1 hurdle. Thanks to the rising buyer interest, SUI crypto made it possible to register a range breakout and triggered a massive rally.
Last week, a massive surge of over 200% in trading volume highlighted growing market interest. It was likely driven by smart money, who were looking to capitalize on the momentum.
A tweet by Block Diversity on X mentioned certain levels for SUI, giving two important levels, $1.60 and $1.93. He added that, above $1.93, the SUI price could make a giga green candle.
At press time, SUI crypto was trading at $1.75, with an intraday decline of over 2.10%. It was positioned as the 20th largest crypto with a market cap of $4.85 Billion.
Looking at the technical setup, SUI’s daily RSI rests in the overbought zone, around 68. Meanwhile, a bullish divergence was noted, and the altcoin might proceed with the bull run ahead.
SUI Network’s TVL on The Rise
The recent SUI price surge has sparked optimism alongside the rising volume and Total Value Locked (TVL). Currently, the SUI network has a TVL of $1.001 Billion at press time.
This significant increase in TVL indicated that more users are locking their funds in it. This means rising confidence in its ecosystem.
Consequently, future market data pointed out the bullish cues. The long-short ratio was around 0.9728 at press time over the last 24 hours.
The short liquidations were noted at $2.31 Million. At the same time, the long liquidations were indicated at around $1.89 Million. This signified heightened demand for long positions.
However, the Open Interest (OI) was shed over 4.50% to $466.18 Million in the past 24 hours. It represented the traders’ minor profit booking activity.
The immediate support levels were $1.58 and $1.40. In contrast, the upside barriers were $1.90 and $2 to watch closely for the following sessions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.