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Bitcoin reclaimed above the $60K mark, sparking optimism in the altcoins. The global markets headed higher after the Fed Interest rate decision, with Bitcoin rising by over 5% yesterday.
A strong surge in Bitcoin’s price unlocked the higher levels for Sui price. In tandem with the broader market’s rise, the Sui price jumped over 20% yesterday, beating many other altcoins.
Sui was exchanging hands for close to $1.01 at the time of writing. It recorded a swift 0.02% positive development intraday. Let’s analyze whether Sui would continue to perform in the short term and emerge as a good pick for September.
SUI Inflow Rises By 50% A Day
Along with the recent price surge, Sui has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment.
Along with the recent price surge, Sui has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment.
Per the Santiment, the Open interest contracts noted a growth of over 50% a day, indicating a buyer’s comeback. The OI data surged from $40 Million yesterday to over $62 Million.
Moreover, the transaction volume has noted a growth of over 145% to $450.8 Million, indicating a heightened demand. The volume to market cap ratio at 17.05% suggests high volatility in the crypto.
Can Sui Price Continue To Rise Above $1 or Fail?
Earlier, the Sui price initiated a recovery in the second week of August after noting a strong crash in the last week of July. However, the bulls faced strong resistance near the psychological $1 level.
However, the bulls established their presence near the 50-day exponential moving average, after which Sui stabilized at the highs. A strong upward push on the higher side has validated a bullish reversal. It unlocked the price potential towards the next major $1.25 level.
When writing, the RSI line was close to 63.9 points, and the 14-day SMA line was at 57.54 points. The RSI and SMA lines were placed above the mean line, indicating the price hovering in positive territory.
Bitcoin’s rise above $60K has sparked optimism in altcoins, with Sui crypto jumping over 20%. Along with the recent surge, Sui has reclaimed the $1 level.
Moreover, the recent surge marks the end of a correction phase, supported by significant inflows in the derivatives segment. Open interest contracts grew over 50%, indicating a buyer comeback.
Furthermore, Sui faced resistance at $1 after a recovery in mid-August but stabilized above the 50-day EMA. The RSI and SMA lines were placed above the mean line, suggesting positive momentum. Sui’s price potential now targets the $1.25 level.