SUI experienced a remarkable recovery, surging more than 10% in the past 24 hours and inching closer to its all-time high. After a four-day downtrend, the price of SUI rose from $1.62 to $2.08, resulting in a market cap of $5.7 million. This increase in price was accompanied by a 35% rise in trading volume, reaching $1.76 billion on October 30. The previous day had already witnessed a doubling of trading volume compared to the day before.
The recent rally can be attributed to the excitement surrounding the launch of MLS Quest, an NFT collectibles platform on SUI in collaboration with Sweet, a crypto startup. MLS Quest allows fans of Major League Soccer to collect digital medallions based on highlights from real-world league matches and earn rewards.
Following the partnership with MLS, net inflows into SUI experienced a significant surge, surpassing all other chains on October 29. This further solidified the momentum of the rally.
CoinGlass data reveals that open interest in the SUI futures market has risen by 13.5% over the past four days, from $450 million to $511 million. This increase in open interest, combined with the rise in trading volume, indicates heightened trader activity and suggests that the market expects further upside.
However, when analyzing the 1-day SUI/USDT chart, it is worth noting that the Relative Strength Index is close to the neutral level at 57. The Average Directional Index, which indicates trend strength, sits at 28, suggesting moderate strength. However, its recent drop indicates that the trend might be losing momentum. Taking these indicators into consideration, it is possible that SUI may experience some sideways movement in the short term.
Despite this, one analyst, Alex Grey, believes that SUI could reach as high as $6.9 in the coming months. Grey observed that SUI had successfully broken above the neckline of a Cup and Handle pattern, a bullish indicator in technical analysis. He believes that SUI is currently in a positive retest phase, strengthening the likelihood of continued gains. Grey has set an initial target at $6.9, a 235% increase from its current price level, representing the breakout level of the handle. If bullish momentum persists, the price could potentially reach the full target of $9.6.
At the time of writing, SUI was down 12% from its all-time high of $2.35, which was reached earlier this month.
In other news, Sui Blockchain has integrated with Google Cloud through ZettaBlock.
(Source: crypto.news)