Not only has Bitcoin approached its all-time high, but so has SUI, the token of the high-speed Blockchain for smart contracts, Sui Network.
Currently, the price of SUI is trading at $1.97, with a drop in the last 24 hours of 5.2%, weekly gains of 1.7% and monthly gains of 11.6%, placing it near its all-time high of $2. 36.
Bitcoin’s price above $70,000 is one of the main drivers for promising altcoins like SUI. BTC’s stability at this key level supports the momentum of these minor coins, as altcoins typically benefit when the Bitcoin market stabilizes.
Furthermore, SUI’s open interest, despite a drop on Tuesday, increased significantly in the last trading session to $400 million. This rise in open interest coincided with a rise in the price of SUI to $2.1. Generally, an increase in open interest is usually seen as a positive signal for future rallies; However, in this case, it is also important to consider another factor:
The funding rate has turned negative following the token’s pullback to its current level, indicating a change in market sentiment. A positive rate usually points to a bullish outlook, but that is not currently the case.
Given this, we will review the charts to identify the key levels to consider in SUI trading.
SUI Technical Analysis: Important Levels
SUI price has shown significant rallies after breaking above the key level of $1.90 (purple line), a break anticipated by the upward crossover of the 20 EMA above the 200 EMA, which suggested an upside.
SUI price analysis (key levels). Source: TradingView
On the upside, the token finds resistance at $2.12; However, this is not very strong, and if SUI manages to overcome it, it could face a stronger resistance level at $2.18. Between these levels a sell zone can be identified, due to the multiple previous setbacks.
On the support side, the $2.00 level is acting as psychological support, although the really solid supports are found on the double bounces around $1.97 and the 100 EMA, or $1.938.
The RSI index at 53 points suggests a fight between buyers and sellers, with a slight tilt towards the bulls. No major setbacks are anticipated, although the trend seems to be moving towards neutrality.
Analysts predict new all-time highs for SUI
Many analysts are optimistic about the future of SUI due to its recent level of $2.00. Several forecasts suggest that the token could reach new all-time highs.
For example, analyst Raoul Pal mentioned in X that SUI has emerged from a consolidation phase, which positions it to reach new all-time highs. “SUI is breaking out of its consolidation now and should be heading for new ATHs,” he commented.
Pal explained that his analysis is motivated by BTC’s rise to $70,000, which also led him to look at other assets like SOL and DOGE for “final confirmations.”
In the same thread, some users expressed concern about the upcoming SUI token unlock. However, Pal assured that it is not an alarming factor, and other users explained that most of the unlocking has already occurred and that future unlocks are linear, so they will not significantly affect the price.
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