The Sui price surged 8% in the last 24 hours to trade at $1.89 as of 00:25 a.m. EST on trading volume that plunged 10% to $910 million as it approaches the psychological $2 level.
This comes as Sui continues to establish its competitive position in the blockchain industry. Sui is seen as a strong competitor to mature platforms such as Solana, and recently reached a TVL of $1 billion just two years after the launch of its mainnet.
Sui Price Could Continue Soaring
The Sui price has been in a sustained bullish stance since September 6, when it soared from the $0.82 support zone. According to data from GeckoTerminal , this represents a 128% surge in the current price.
In recent days, the price of Sui has been trading within the rising channel pattern, confirming the sustained bullish trend.
SUI price has now breached both the 50-day and 200-day Simple Moving Averages (SMAs), indicating that SUI could still be on a sustained bullish momentum.
Meanwhile, the Relative Strength Index (RSI) is rebounding from the 50-midline level, currently at 66, as it closes in on the 70-overbought region. This shows that buyers now have the upper hand.
The bullish momentum is also confirmed by the Moving Averages Convergence Divergence (MACD), which soars above the neutral line. The blue MACD line also crosses above the orange signal line, signaling a positive momentum.
Sui Price Chart Analysis Source: GeckoTerminal.com
Sui Price Prediction
According to the SUI/USD analysis on the 4-hour chart, SUI is bullish as the bulls move more in the market. Major indicators also show that the price of Sui could still soar.
If the bullish rally continues, the bulls could soar above the $2 psychological resistance, as they target $2.35.
However, if the bears take advantage of the asset being overvalued, the price of Sui could plunge back to the 200-day SMA at $1.17.
