Over the last 24 hours, Sui [SUI] recorded a trading volume of $3 billion, with its market capitalization reaching $9.4 billion, positioning it as the 14th highest asset on CoinMarketCap.
Large-scale assets often encounter challenges in swiftly escalating in value as opposed to their smaller counterparts.
The robust performance exhibited by SUI since September serves as a testament to the optimistic outlook surrounding the token. The probability of surpassing the $3.54 and $4 thresholds appears more plausible than undergoing a regression towards $2.5.
Positive Forecast for SUI Price on Extended Timeframes
SUI exhibits a notably bullish market framework. Its upward trajectory commenced in mid-September, with indications of a rally emerging as early as August.
Prior to this period, the altcoin had been experiencing a downtrend since April, coupled with a subdued trading volume.
However, in August, there was a significant shift in this trading volume pattern. Although the influx of capital was evenly distributed, September witnessed the bulls seizing control, propelling SUI on its current upward trajectory.
While the long-term Sui price forecast remains positive, short-term fluctuations are conceivable. Analysis on lower timeframes highlights the significance of the 23.6% Fibonacci extension level at $2.81 as a critical support zone.
A more pronounced decline below $2.81 could shift the bias on lower timeframes towards a bearish outlook, albeit the daily chart would retain its bullish stance. The Money Flow Index [MFI] indicates substantial upward momentum without any bearish divergences.
Moreover, the Chaikin Money Flow [CMF] surged beyond the highs observed last November, reflecting a substantial influx of capital into the market.
Minor Decline in Open Interest
Similar to the trading volume, the Open Interest index also exhibited an uptick starting from August.
Concurrent with the price surge in late September, the rise in Open Interest signaled consistent bidding activity in the futures market, underlining a prevailing bullish sentiment.
Over the past three days, the Open Interest dropped marginally from $771 million to $716 million, corresponding to a slight selling pressure on SUI around the $3.3 threshold.
The prevailing Weighted Sentiment continues to lean heavily towards the bullish side, a trend that has persisted for a majority of the past month. However, the developmental activity witnessed a notable decline in recent weeks.
Although this downturn might raise concerns, it is worth noting that similar fluctuations have occurred in the past. Stay informed: The information presented herein is the writer’s personal opinion and does not constitute financial, investment, trading, or any other form of advice.