Sui (SUI) has been one of the most popular crypto assets of 2024, with notably high market gains and drastic price losses throughout the year. The altcoin is currently moving sideways after a recent price rally last week. As usual, these consolidation moves generate a lot of speculation about the token’s next price movement.
SUI will record an all-time high of US$2.50, says analyst
In oneMarket analyst Michaël van de Poppe has lowered a new price target for SUI based on its current upside momentum. According to data from CoinMarketCap, SUI recorded a profit of 30.01% in the last seven days, emerging as the second biggest weekly gainer in the crypto market. Amid this price gain, the digital asset has already reached a new all-time high of US$2.28. However, Van de Poppe’s forecast projects that the altcoin will maintain its current uptrend and reach a new peak between $2.30 – $2.50.
However, looking at the daily SUI chart, some indicators present an alternative view. For example, the asset’s price is well above its 100-day simple moving average, indicating that it is potentially overbought and may be due to a price correction. This position is further supported by the token’s RSI, which is well in the overbought zone.
Generally, SUI is one of the best performing coins in 2024, with an overall price gain of 182.5% since the beginning of the year. However, it has been a bipolar market experience for the layer 1 asset, which lost around 71.5% of its value between April and August.
Current market sentiments around the altcoin are largely bullish, with investors confident in long-term profitability. Interestingly, the SUI was pointed out by analysts emerging as the diamond of the upcoming bull season with the potential to replicate Solana’s performance in 2021. If this projection comes true, it could rise as high as $70 in the next 12 to 18 months.
Open interest reaches US$664 million
In conjunction with recent price growth, open interest on the SUI grew up in 27.10% in the last 24 hours reaching around US$664.29 million. For context, Open Interest measures the value of all active trading positions, long or short, in the market. Interestingly, the daily long/short ratio is currently at 1.0665, indicating that traders are a little more confident that SUI will experience price gains in the future.
At the time of writing, SUI was trading at $2.22, reflecting a 9.62% gain over the past day. Meanwhile, the token’s daily trading volume has increased by 12.55% and is valued at 1.12 billion.