Sui (SUI), the Layer-1 blockchain, is making waves in the cryptocurrency space due to its impressive performance over the past few days. Today, August 11, 2024, SUI has once again led the crypto market with a remarkable price increase of over 11% in the last 24 hours.
Why is the SUI price rising?
This remarkable price increase may have been caused by yesterday’s significant 92% increase in SUI’s open interest and the Grayscale announcement on August 8, 2024. In addition, the recent breakout also plays a major role in the price increase.
SUI price forecast
On August 9, 2024, SUI made a decisive break above the $0.89 resistance level. After this break, SUI cleared the way to potentially rise another 20% to the $1.15 level in the coming days. However, this $1.15 level is another resistance level that could act as a hurdle for SUI’s further upside.
If SUI continues to break out and closes the daily candle above $1.20, it could reach the $1.40 mark. The current market sentiment for this Layer-1 blockchain suggests that SUI could reach this level in August 2024.
Despite this significant price rally, SUI is still trading below the 200 Exponential Moving Average (EMA) on the daily time frame. When the price of the asset is below the 200 EMA, it suggests that the asset is in a downtrend. However, another technical indicator, the Relative Strength Index (RSI), indicates a possible price reversal as it is in the overbought zone.
Increase in price and open interest
At press time, SUI is trading at around $0.94 and has seen an 11% price increase in the last 24 hours. Despite a significant price increase, SUI’s trading volume has dropped by 20% in the same period. This drop in trading volume indicates lower participation.
On the other hand, SUI’s open interest continues to rise. Despite yesterday’s 92% increase, today’s open interest is up 30%. This increase in open interest indicates a positive sentiment around SUI and significant interest from investors and traders.
