SUI Forms New ATH, But The Altcoin Still Has Room to Grow

SUI has recently reached a new all-time high, continuing an upward rally that began at $1.69 earlier this month. The cryptocurrency has managed to defy bearish expectations, showing resilience as it pushes past the previous resistance level.

The sustained growth is a challenge for those hoping for a price drop as SUI gains momentum.

SUI Has All Kinds of Supporters

The market sentiment around SUI has been mixed. Funding rate data reveals that many bearish investors have been betting on a decline, placing short contracts in hopes of profiting from a price drop. Despite these bearish bets, SUI’s rally and the newly achieved ATH suggest a stronger sentiment among bullish investors. 

While the funding rate fluctuates, it remains in positive territory, hinting that confidence in SUI’s potential persists. However, bearish traders have not backed down, as they continue to anticipate a reversal, betting against SUI’s current trajectory.

From a macro perspective, SUI’s momentum remains strong. The Average Directional Index (ADX), a key indicator of trend strength, currently sits above the 25.0 threshold, signaling that the prevailing trend has gained significant force. For SUI, this trend is upward, aligning with the broader bullish sentiment seen in recent price action. With an ADX above 25.0, the likelihood of SUI’s sustained growth increases, fueling speculation of further gains.

SUI’s upward trend appears poised to continue if market support persists, challenging the outlook of bearish investors. As long as the ADX remains strong, SUI is likely to retain its positive momentum, leaving room for additional price appreciation. For now, SUI remains an asset with potential growth, with both technical indicators and market sentiment backing its ongoing uptrend.

SUI Price Prediction: New Highs

SUI recorded a 9.75% rise in the past 24 hours, reaching a fresh all-time high of $3.52. Although the gain was modest, this peak represents a notable step in the altcoin’s ongoing upward trajectory.

Marking its sixth ATH in just one week, SUI is tracking closely with Bitcoin’s bullish trend. The cryptocurrency now has a strong support level at $3.20, strengthening investor optimism for further growth.

Yet, if SUI fails to maintain the $3.20 support, the price could slip to $2.85. This would undermine the current positive outlook and may lead to a shift in investor sentiment.