Sui (SUI), the layer 1 blockchain is making waves in the realm of cryptocurrency due to its impressive performance in recent days. Today on August 11, 2024, SUI has once again topped the crypto market with a notable price surge of over 11% in the last 24 hours.
Why SUI Price is Increasing?
This remarkable price surge was potentially caused by yesterday’s significant 92% rise in SUI’s open interest and the Grayscale announcement on August 8, 2024. In addition to this, the recent breakout also plays an important role in the price surge.
On August 9, 2024, SUI gave a crucial breakout of the resistance level of $0.89. Following this breakout, SUI cleared its path to potentially soar an additional 20% to the $1.15 level in the coming days. However, this $1.15 level is another resistance level that might pose a hurdle for SUI’s further upside movement.
If SUI further gives a breakout and the daily candle closes above $1.20, it could hit the $1.40 level. Current market sentiment for this layer 1 blockchain suggests that SUI might hit this level within August 2024.
Despite this significant price rally, SUI is still trading below the 200 Exponential Moving Average (EMA) on a daily time frame. When the asset’s price is below the 200 EMA that indicates that the assets are in a downtrend. However, another technical indicator the Relative Strength Index (RSI) shows a potential price reversal as it is in the overbought zone.
Rise of Price and Open Interest
At press time, SUI is trading near $0.94 and has undergone an 11% price surge over the past 24 hours. Despite a significant price surge, SUI’s trading volume has declined by 20% during the same period. This decrease in trading volume hints at lower participation.
On the other hand, SUI’s open interest continues to rise. Despite yesterday’s 92% surge, today its open interest has soared by 30%. This rise of open interest hints at bullishness in SUI and significant interest from investors and traders.
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