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SUI Price Hits New ATH, Defying Skeptics as Uptrend Strengthens 

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In Brief

  • SUI’s upward momentum continues, hitting a new ATH of $3.52 amid strong support at $3.20, driven by investor optimism.
  • Market sentiment is mixed, with bearish traders betting on a decline, though positive funding rates hint at prevailing bullish confidence.
  • Technical indicators like the ADX above 25 signal a robust trend, supporting the possibility of sustained growth if support holds.
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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.

SUI Funding Rate.
SUI Funding Rate. Source: Coinglass

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 ADX
SUI ADX. Source: TradingView

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.

SUI Price Analysis.
SUI Price Analysis. Source: TradingView

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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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