Sui (SUI) is one of the most popular crypto assets of 2024, with remarkably high market gains and huge price losses throughout the year. The altcoin is currently moving sideways after the recent price surge last week. As usual, these consolidation movements spark a lot of speculation about the token’s next price movement.
The analyst says SUI will record an ATH of $2.50
in Share X on Saturdaymarket analyst Michael van de Poppe dropped a new price target for SUI based on its current bullish momentum. According to data from CoinMarketCap, SUI recorded a 30.01% gain in the past seven days, emerging as the second highest weekly gainer in the cryptocurrency market. Amid this price increase, the digital asset has already hit a new all-time high of $2.28. However, Van de Poppe’s forecast predicts that the altcoin will maintain its current upward trend and reach a new high between $2.30 and $2.50.
However, looking at the daily chart of SUI, some indicators offer an alternative view. For example, the price of an asset is well above its 100-day simple moving average which indicates that it is likely overbought and may be due for a price correction. This position is also supported by the token’s RSI which is in the overbought zone.
Overall, SUI is one of the best performing coins of 2024 with an overall price gain of 182.5% since the beginning of the year. However, it was a bipolar market experience for Tier 1 assets that lost about 71.5% of their value between April and August.
The current market sentiment around the altcoin is largely bullish with investors confident of long-term profitability. Interestingly, analysts are leaning towards SUI as the diamond for the upcoming bull season with the potential to repeat Solana’s performance in 2021. If this prediction proves correct, it could rise to $70 within the next 12 to 18 months.
Open interest reaches $664 million
In conjunction with recent price growth, open interest in SUI It has grown by 27.10% in the last 24 hours, reaching about $664.29 million. For context, open interest measures the value of all active trading positions whether long or short in the market. Interestingly, the daily buy/sell ratio currently stands at 1.0665, which indicates that traders are a little more confident that SUI is seeing a price rise in the future.
At the time of writing, SUI is trading at $2.22, reflecting a 9.62% gain in the last day. Meanwhile, the daily trading volume of the coin increased by 12.55% and is worth 1.12 billion.