Sui (SUI) Price Analysis Today: Key Targets to Consider Ahead

Since the beginning of this week, the Sui (SUI) price has rallied more than 55 percent to trade at about $3.29 on Thursday, April 24 during the late North American trading session. The large-cap altcoin, with a fully diluted valuation of about $32.8 billion and a 24-hour average trading volume of around $3 billion, led the top 20 crypto assets in bullish sentiment following today’s 11 percent gain. 

In the past 24 hours, Sui’s Futures Open Interest (OI) surged 21 percent to hover about $1.29 billion, up from $491 million on March 11. As a result of the heightened volatility, more than $12.88 million was liquidated from Sui’s leveraged market.

Sui Network Growth Outlook

The Sui network has experienced explosive growth in the past few months, catalyzed by rising demand for institutional investors. As of this writing, the Sui network had a total value locked of about $1.45 billion and a stablecoins market cap of around $865 million.

In the past 24 hours, the Sui network has announced several strategic investments by institutional investors led by Space and Time and Grayscale Investments. 

Earlier on Thursday, the Sui Network announced the launch of the Sui Mastercard, in collaboration with the xPortal crypto wallet. 

SUI Price Aims for New ATH

As the wider altcoin market signals bullish sentiment following the Bitcoin price pump above $93k, the SUI price has already signaled bullish sentiment. 

In the daily timeframe, SUI’s MACD indicator has already crossed above the signal line, thus suggesting the buyers are in control. Additionally, the daily Relative Strength Index (RSI) has already crossed the 70 percent level, suggesting the onset of a parabolic rally.