Within the past 24 hours, SUI has shown impressive performance compared to most of the cryptocurrency market. Notably, the digital currency skyrocketed from a low of $4.2 to achieve a new all-time peak of $5.03. As of the current moment, the altcoin is being traded at $5.01 after a substantial surge of nearly 18%. Consequently, this spike has led to a positive impact on both the altcoin’s market capitalization and trading volume, with the former rising by more than 17%.
This increase in market cap marks a significant shift in the market. This is especially notable as a result, SUI has surpassed leading coins like TON, SHIB, XLM, and LINK on the cryptocurrency ranking tables.
At the time of reporting, Chainlink [LINK] is next in line after SUI in terms of market cap, standing at $14.82 billion. Following it are Toncoin [TON] with $14.6 billion, Shiba Inu [SHIB] with $14.46 billion, and finally, Stellar [XLM] with $14.1 billion.
Hence, the query now arises – Can SUI maintain its upward trend?
Is the bull run here to stay?
As per the analysis by CryptoCrypto, SUI is witnessing a robust upward momentum, with optimistic sentiments prevailing in its market.
The sustained surge in its Stoch RSI indicates a strong momentum towards the upside. Remarkably, Sui’s Stoch has climbed to 81 after a bullish crossover on New Year’s Eve. This serves as confirmation that the upward trend remains steady and poised to continue.
This belief is further reinforced by a rising +DI of the Directional Movement Index, which has reached 21 while the ADX has fallen to 18.
Furthermore, the market’s bullish stance is substantiated by the increased number of traders opting for long positions.
For instance, on the 4-hour timeframe, 51% of investors have taken up long positions. A higher number of long positions reflects a bullish outlook and an anticipation of further gains.
Finally, SUI’s total funding rate from aggregated assets turned positive in the past 24 hours. When this switch occurs, it signifies that future contracts are trading at a premium to the spot market – suggesting that optimism is fueling the price surge in the Futures market.
What’s on the horizon for the altcoin?
In summary, SUI has entered a bullish phase, and investors are now expecting more profits. SUI surpassing a group of altcoins simultaneously also underscores its market resilience.
Thus, the altcoin might witness further increases on its price charts.