Sui [SUI] is poised for a significant uptrend over the past 24 hours, with a notable 10.52% price increase and heightened network activity.
As of the current moment, SUI is being traded at $3.31, up from the crucial $2.85 support level on the 4-hour chart. Based on data from Cryptowaves, the RSI stands at 45, signaling a neutral market sentiment following weeks of bearish movement.
Maintaining the support zone between $2.85 and $3.00 in shorter time frames confirms the upward trend in longer time frames.
Recent insights from Solberg Invest on X (previously Twitter) suggest that SUI might surpass its record high of $5.35, break through the critical $6.16 level, and aim for the $7.22 resistance point.
Insights from Blockchain Data
Per OKlink statistics, active addresses on the Sui Network have surged by 55,522 in the past day. The total addresses have increased by 102,883, accompanied by a 7.15% rise in trading volume.
Crypto analyst Giannis Andreou has also highlighted the increasing adoption of the Sui network in a recent X post, emphasizing its transaction volume exceeding that of Ethereum, Arbitrum, and Optimism combined, with consistent daily growth.
Current Market Sentiment Overview
According to Coinglass analytics, the coin has observed a rise in 24-hour Open Interest across major exchanges, reflecting a positive market sentiment following a series of bearish trends.
As of now, the daily Long-to-Short Ratio stands above 2.3 per Coinanalyze data, pointing towards optimism and a bullish sentiment prevailing on major exchanges.
What Lies Ahead?
The Sui Network is anticipated to introduce new projects to broaden its ecosystem, leveraging its advantages such as low fees, scalability, and high transaction speeds.
Furthermore, the Sui blockchain is actively integrating DeFi and NFTs into its expansion strategies.
With the coin maintaining the critical $2.85 support level, the bullish trend may target the $6.12 crucial level next. Should this level hold, a potential rise towards $7.00 and the $7.22 resistance range could be on the horizon.
Investors are advised to closely monitor these key levels for validation before finalizing their next trading decisions.