SUI is currently trading at $3.58, which shows a gain of 0.26% over the past day. The trading volume has indicated a huge improvement and has increased by 17.18%. Along with this increase, the total activities in trade have risen to $1.12 billion, indicating increasing investor involvement. This movement emphasizes rising market momentum and confidence.
Source: CoinMarketCap
Over the past week, the SUI price has increased by 1.86%. This steady growth indicates stable market support even though there are minor fluctuations daily. The trend in the upwards direction indicates long-term demand and interest in the token. On the whole, the performance makes SUI a coin that is gaining momentum.
Crypto analyst Jonathan Carter highlighted the emergence of a symmetrical triangle on the daily chart. He noted that the price is tightening around the 50-day moving average, a trend that is usually linked with the accumulation of breakout momentum in financial marketplaces.
Carter noted that if the breakout occurs, SUI could potentially aim for a higher level of resistance. He noted the potential targets of $3.90, $4.25, and $5.30, which would depend on how closely the market follows the breakout signal.
Source: X
Moreover, another analyst, Degen Hardy, mentioned that a falling wedge breakout will be retested for support. He referred to this arrangement as a textbook continuation pattern but recommended that one should wait and see more price action first and then proceed to a long position. Analysts note that SUI is approaching a critical decision point.
Source: X
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The Relative Strength Index (RSI) is 51.81 and the signal line is 51.92. This level reflects a neutral momentum, though it leans slightly towards a bullish stance. An upward movement may establish the stronger purchase force, whereas a decrease below the midline may relegate the token into the state of consolidation.
The MACD provides additional support. The MACD line is positioned at 0.0231, surpassing the signal line of 0.0079. The pattern is bullish, as indicated by green histogram bars. Nevertheless, analysts caution that more confirmation is required before the strong rally can be pronounced.
Source: TradingView
According to CoinGlass data, the trading volume of SUI increased by 9.85% to $6.27 billion. Meanwhile, open interest declined from 3.47% to $1.96 billion, indicating that some traders had taken profits. The OI-Weighted Funding Rate stands at 0.0046% with equal sentiment in both the long and short positions.
Source: CoinGlass
SUI has maintained a consistent momentum due to technical signals and chart patterns. Traders await confirmation of the next move in the market as analysts point to potential upside levels. The next few trading sessions will determine if the token rises significantly or retraces back to its previous consolidation level.
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