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$SUI has recently reached a new all-time high, continuing an upward rally that began at $1.69 earlier this month. The cryptocurrency has managed to defy bearish expectations, showing resilience as it pushes past the previous resistance level.
The sustained growth is a challenge for those hoping for a price drop as $SUI gains momentum.
$SUI Has All Kinds of Supporters
The market sentiment around $SUI has been mixed. Funding rate data reveals that many bearish investors have been betting on a decline, placing short contracts in hopes of profiting from a price drop. Despite these bearish bets, $SUI’s rally and the newly achieved $ATH suggest a stronger sentiment among bullish investors.
While the funding rate fluctuates, it remains in positive territory, hinting that confidence in $SUI’s potential persists. However, bearish traders have not backed down, as they continue to anticipate a reversal, betting against $SUI’s current trajectory.
From a macro perspective, $SUI’s momentum remains strong. The Average Directional Index (ADX), a key indicator of trend strength, currently sits above the 25.0 threshold, signaling that the prevailing trend has gained significant force. For $SUI, this trend is upward, aligning with the broader bullish sentiment seen in recent price action. With an ADX above 25.0, the likelihood of $SUI’s sustained growth increases, fueling speculation of further gains.
$SUI’s upward trend appears poised to continue if market support persists, challenging the outlook of bearish investors. As long as the ADX remains strong, $SUI is likely to retain its positive momentum, leaving room for additional price appreciation. For now, $SUI remains an asset with potential growth, with both technical indicators and market sentiment backing its ongoing uptrend.
$SUI Price Prediction: New Highs
$SUI recorded a 9.75% rise in the past 24 hours, reaching a fresh all-time high of $3.52. Although the gain was modest, this peak represents a notable step in the altcoin’s ongoing upward trajectory.
Marking its sixth $ATH in just one week, $SUI is tracking closely with Bitcoin’s bullish trend. The cryptocurrency now has a strong support level at $3.20, strengthening investor optimism for further growth.
Yet, if $SUI fails to maintain the $3.20 support, the price could slip to $2.85. This would undermine the current positive outlook and may lead to a shift in investor sentiment.