The Sui token has gained significant attention in the crypto market with its impressive price rally of over 800% in about 100 days. Notably, this altcoin has surged ~120% since 01st November, highlighting increased adoption.
However, investors are curious to understand what’s fueling the Sui price rally this month. Further, with the Sui price mirroring Solana’s 2021 bull run, investors are closely watching the price movement of this crypto.
Despite recording a minor correction in the past 24 hours with a trading volume of $2.381 billion, this altcoin has surged 54.39% over the last 30 days. Moreover, it has outperformed top cryptocurrencies by adding over 800% to its portfolio since its August low.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram in the 1D time frame. Further, its averages record a bullish convergence in the Sui price chart. This indicates a strong buying pressure for the altcoin in the cryptocurrency market.
Moreover, the SMA indicator acts as a support to the 16th largest crypto token for over a month, suggesting a bullish outlook for the altcoin in the long-term prospects.
If the bulls regain momentum, the Sui price will prepare to retest its resistance of $4.75. Maintaining the price at that level could set the stage for this altcoin to smash the $5 mark and head toward its upper price target of $5.25 this month.
On the contrary, if a bearish trend reversal occurs, the Sui crypto token could retest its $4.4 level. Furthermore, if the bearish sentiment intensifies, this could result in it plunging toward its low of $4.
Wondering if the Sui price will reach $10 this altcoin season? Read CoinPedia’s Sui Price Prediction to uncover the possible mysteries until 2030!
After recording a new ATH of $4.86 yesterday, the Sui price has dropped ~5% in 24 hours.
With a 24-hour trading volume of $2.362 billion, the Sui price is presently exchanging hands at $4.6058.
With increased adoption, the Sui coin price may reach a high of $23.77 by 2030.
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