beincrypto.com
SUI has surged significantly in price this month, climbing to new all-time highs over the weekend.
The altcoin, which has gained 105% in the past two weeks, is now considered a standout performer in the crypto market. Currently trading just below its peak, SUI shows strong potential for further gains.
SUI Is a Good Bet
Analyst Michael Van de Poppe recently labeled SUI as the “best thing to buy” during Bitcoin’s correction phase. The altcoin’s popularity among traders is evident, with SUI trending across major platforms. Open Interest (OI) in SUI futures has also reached an all-time high of $826 million, underlining heightened demand and investor confidence.
The increasing capital flow into SUI reflects broader market enthusiasm. Traders are viewing it as a reliable option amid fluctuations in larger cryptocurrencies like Bitcoin. This surge in attention has amplified SUI’s visibility, making it a focal point for both retail and institutional investors.
SUI’s macro momentum is bolstered by its Chaikin Money Flow (CMF) indicator, which is currently well above the typical reversal range of 0.20 to 0.30. This level indicates substantial inflows, signaling growing interest from investors. Historically, reversals occur when the CMF reaches these levels, but the current breakout suggests exponential growth potential.
Such strong inflows demonstrate the asset’s resilience and sustained investor participation. If this trend continues, SUI could attract even more capital, strengthening its position as a high-growth altcoin in the market.
SUI Price Prediction: Reaching New ATH
SUI is currently trading at $3.79, just shy of its all-time high of $3.94, achieved over the weekend. The altcoin’s impressive 105% rally has solidified its position as a top-performing cryptocurrency this month.
Considering the ongoing bullish momentum, SUI is likely to hold its gains. The aforementioned factors do point towards SUI potentially setting a new all-time high if current trends persist.
However, a shift in sentiment or profit-taking by investors could trigger a drawdown. In such a scenario, SUI may fall to the $3.20 support level, and a drop below this would invalidate the bullish outlook.