- SUI has outperformed the top 100 cryptocurrencies in the past week with a 30% gain.
- SUI's rise comes on the heels of a consensus upgrade and the launch of Grayscale SUI Trust.
- SUI could rally over 37% if it breaks above the $1.171 level but risks correction if the resistance holds.
SUI is up 11% on Thursday, continuing its impressive rise over the past week. The rise follows several key upgrades and launches related to the SUI token. While SUI could stage a further rally if it breaks above the $1.171 level, investors need to watch out for a potential price correction if the resistance holds.
SUI's rise comes on the back of key upgrades and launches
SUI soared over the past 24 hours, gaining 11% on the day. SUI's uptrend goes back to September 6, when it broke out of a sharp bearish pressure. Notably, SUI has outperformed every other cryptocurrency in the top 100 category in the past week, noting a 30% price increase, per Coingecko data
SUI Weekly Outperformance
These are some of the reasons why SUI has outperformed the crypto market:
- Sui upgraded to a Mysticeti consensus protocol, which will cut consensus time to 390 milliseconds, enabling faster transactions on its blockchain. Following this, SUI upgraded shared-object transactions to improve its congestion control mechanism.
- Grayscale announced the launch of its latest SUI Trust fund on Wednesday. The fund, open to eligible investors, will provide clients with exposure to SUI's price and function like other Grayscale trust funds.
- The Total Value Locked (TVL) on the SUI Layer One has risen over 9% in the last 24 hours to $720.97 million. The rise has seen it overtake chains like Optimism and Scroll, stretching its weekly TVL gain more than 15%
- SUI's open interest (OI) reached a six-month high on Thursday, rising by nearly 390% since August 6. In the past 24 hours alone, SUI's OI has soared by over 35%. The rising OI could strengthen the bullish move if prices continue the uptrend. Open interest is the total number of unsettled long/short contracts in a derivatives market.
SUI Open Interest
Key metrics to watch out amid SUI's uptrend
Despite rising prices and strong bullish momentum, SUI may see a potential price correction if demand doesn't absorb the supply hike from its $83 million worth of monthly token unlocks.
On the daily chart, SUI is trading within a key rectangle channel with support and resistance levels at $0.731 and $1.171, respectively. A breakout above the $1.171 resistance and the 100-day Simple Moving Average (SMA) could see SUI rally further by 37% toward the $1.611 price level.
SUI/USDT Daily chart
On the flip side, SUI could see a rejection around the $1.171 resistance level, especially as the Stochastic Oscillator (Stoch) has entered the overbought region. The Relative Strength Index (RSI) is also approaching the overbought region. If it crosses into this region, SUI could be experiencing a price correction.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.