The cryptocurrency market is witnessing an impressive recovery, and amidst this, the SUI layer-1 blockchain is garnering attention for a potential rally. With a remarkable growth of 175% since the beginning of September 2024, investors and traders are showing confidence in this layer-1 token.
Technical analysis indicates that SUI is currently bullish, having breached a strong resistance level of $2.01. The recent breakout and daily candle closing above this level have set the stage for an upward rally, with the token now aiming for an all-time high. The historical price momentum suggests that SUI could experience significant growth in the coming days, as it continues to trade above the 200 Exponential Moving Average (EMA) on a daily timeframe.
Furthermore, on-chain metrics are also painting a bullish picture for SUI. According to the on-chain analytics firm Coinglass, SUI’s Long/Short ratio is at 1.688, the highest since September 2024. This ratio indicates a strong bullish sentiment among traders. Additionally, the future open interest for SUI has seen a 21% increase over the past 24 hours, with a 4.2% increase in the past four hours. This uptick in open interest suggests that traders are favoring long positions over short positions, with 62.8% of top traders holding long positions and 37.2% holding short positions.
Taking into account both the on-chain metrics and technical analysis, it is evident that bulls are currently in control of SUI and are likely to support the token in its upcoming rally.
As of now, SUI is trading around $2.05, experiencing a price surge of over 13.1% in the past 24 hours. The trading volume has also increased by 26%, indicating heightened interest from traders and investors amid the market recovery.
In conclusion, the SUI layer-1 blockchain is positioned for a significant rally, backed by strong on-chain metrics and technical analysis. With increasing investor confidence and market recovery, SUI could be on track to reach new highs in the near future.