SUI Is Edging Closer To $1 Mark: Is It The Time To Accumulate SUI?

• The SUI token price is on the verge of enlisting a trendline breakout.
• SUI exhibited a surge of over 6%, with a spike of over 38% in the trading volume.

SUI is the native token of the SUI blockchain and has sparked renewed buying interest this week. Fueled by the buyers’ accumulation, the token revived over 30% from its three-month low mark of $0.6000.

The token faced a consistent bear run for the past few months and made lower-low formations. Amidst the market recovery, the buyers had diminished the negative momentum and crossed the 20-day EMA mark with a volume spray of over 38% in the overnight session.

When writing, the SUI was trading at $0.8053 with an intraday surge of 6.33%, reflecting buying momentum on the charts. It has a monthly return ratio of -1.90% and 1.20% yearly, reflecting long consolidation.

The pair of SUI/BTC was at 0.0000134 BTC, and the market cap was $2.02 Billion. Analysts were neutral and suggested that the SUI may register a breakout and would reach the $1 mark soon.

Backed by the rising volume, the token entered the list of a short-term potential reversal candidate and could blast above the $1 mark ahead.

What do SUI Indicators and Price Action Say?

Trading inside the falling channel, SUI continued to form lower lows and was in a downtrend. Meanwhile, the mighty bulls crossed the barrier of $0.7800 intrada, remaining above the 23.6% Fibonacci zone.

Regarding the market cap, SUI ranked at 48 with a total supply value of 10 billion at press time.

SUI Price Chart | Source: Santiment

@Daancrypto tweeted that SUI formed a structure similar to its peers and could see a major recovery ahead.

$SEI One of those coins that performed well in 2023 and early 2024 but then fell off considerably.

Chart looking similar to the likes of $SUI & $TIA which are in the same ship.

Need to see this retake the level above to confirm it might be due for a bigger HTF reversal. pic.twitter.com/u0feMbDmH1

— Daan Crypto Trades (@DaanCrypto) July 13, 2024

Source: X

Weighted Sentiment and Social Dominance Insights

Amid the price recovery, the weighted sentiment data was still below the midline region, at -0.673. It signified that investors were unprepared for the breakout.

Weighted Sentiment Data | Source: Santiment

Social dominance data increased slightly and rose over 9% in the last few hours to around 0.11%. Social insights don’t reflect the investors’ eagerness on the media platforms.

Decline Observed in Daily Transactions

On a monthly note, the daily transactions dropped over 40% to $1.3 Million, and a low frequency of token trading was observed.

The RSI curve saw a massive reversal from the oversold region, noting a vertical spike. Rising RSI signified that buyers had outperformed the market, and a continuity in buying pressure could be seen ahead.

Total Liquidations Chart

When writing, the short liquidations were noted at $295.42k, while the long liquidations were at $6.79k. It conveys that sellers have stayed on the backfoot and tried to cover their positions.

This liquidity data showed that traders had anticipated the rise and were willing to advance. As the development activity showed a significant drop, the long-term growth aspects clearly reflected the negative stance.

Open Interest Data |  Source; Santiment

Open interest value soared over 6.45% to $74.59 Million, noting fresh long additions in the past 24 hours. The immediate support levels for the SUI are $0.7300 and $0.7000, whereas the key upside hurdle is around $0.8100, followed by $0.8300.

SUI climbed above the 20-day EMA mark and signaled a short-term reversal ahead. Once it rises above $0.8500, a short covering move might soon lift the token toward the $1 mark.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.