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In the last 24 hours, Sui (SUI) has demonstrated a strong upward movement, catching the attention of analysts and traders alike. The cryptocurrency, which opened the day at $1.1885, soared to a peak of $1.39 before stabilizing around $1.35 at the time of writing.
According to CoinMarketCap data, this marks a notable 14.38% increase in its value compared to the previous day’s closing price. This sudden surge has analysts forecasting a potential new all-time high (ATH) for the token, setting optimistic targets for its future performance.
Analyst Predicts SUI to Hit $2.60 in Coming Days
Market analysts are increasingly optimistic about SUI’s price movement, with predictions of a new all-time high in sight. One prominent voice, Bluntz Capital, projects that the token could reach a price of $2.60 shortly. According to his analysis, the altcoin recently broke out of a significant 105-day downtrend, experiencing a 237.5% increase in value from $0.40 to $1.35.
Bluntz highlighted that the token’s breakout has been accompanied by rising trading volume, signaling strong market interest and investor confidence. Furthermore, the token has surpassed key resistance levels without significant retracements, reinforcing the view that it could continue its upward trend.
$SUI is seriously gonna continue to rip so hard from here, its legit free money imo.
these slow grinding up channel breakouts on volume almost always signal a strong impulse is underway.
the leaders continue to lead
dont fuck this up 👇https://t.co/ZlarpcTVYY pic.twitter.com/hfuXryIW5x
— Bluntz (@Bluntz_Capital) September 19, 2024
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The analyst emphasized that while Relative Strength Index levels indicate the token is overbought, the overall outlook remains bullish. Bluntz predicts the next significant resistance level to be around $2.60. Should SUI continue its upward trajectory, this price point could mark a new all-time high for the token.
On-Chain Data Confirms Bullish Momentum
Recent on-chain data supports this optimistic sentiment surrounding SUI. According to data from CoinGlass, the token’s open interest (OI) has seen a 14.65% rise in the last 24 hours, bringing the total OI to $361.89 million. Additionally, the weighted funding rate for the coin is trending positive, increasing by 0.0091%.
This suggests that long position holders are willing to pay a premium to maintain their positions, indicating bullish sentiment in the market. The increasing on-chain activity provides additional support to the view that the coin could reach new highs if the momentum continues. However, the token faces several key resistance levels that it must overcome to reach its predicted all-time high of $2.60.
Key Resistance Levels Ahead for SUI
While the bullish sentiment around the token is clear, the token must break through key resistance levels to maintain its upward trajectory. Per TradingView data, the altcoin is currently approaching the psychological resistance level of $1.44. For the token to continue its rise, it must close above this level and establish it as a support.
Should SUI fail to break through this resistance, it could face a short-term pullback to the $1.20 level. If the downward pressure continues, the token could revisit the $1.00 mark, a key support area around the 50% Fibonacci retracement level.