SUI recently hit a new high, continuing its growth momentum that started at $1.69 this month. The cryptocurrency has succeeded in overcoming all bearish predictions, showing resilience in overcoming previous resistance.
This sustained growth is a challenge for those hoping for price declines as SUI continues to accelerate.
SUI Has All Kinds of Supporters
Market sentiment around SUI is quite diverse. Funding rate data revealed that many investors predicting a decline placed short-term contracts, hoping to profit from falling prices. However, SUI’s upward momentum and new high point indicate a stronger sentiment from investors who believe in a bullish trend.
While the funding rate fluctuates, it remains positive, showing that confidence in SUI’s potential still exists. However, bearish investors have not given up yet, as they continue to predict a reversal, betting against SUI’s current trend.
From a macro perspective, SUI’s momentum remains strong. The Average Directional Index (ADX), a key indicator of trend strength, is currently holding above the 25.0 threshold, suggesting that the current trend has gained significant traction. For SUI, the trend is upward, consistent with the broader bullish sentiment seen in recent price movements. As ADX sustains above 25.0, the likelihood of sustained SUI growth increases, fueling speculation of additional gains.
SUI’s uptrend is likely to continue if market support remains, challenging investors’ view of a price decline. As long as ADX remains strong, SUI can maintain its positive momentum, leaving space for further price increases. Currently, SUI remains an asset with growth potential, with both technical indicators and market sentiment supporting the current upward price trend.
SUI Price Forecast: New Highs
SUI posted a 9.75% gain over the past 24 hours, hitting a new high of $3.52. Although the increase is modest, this peak represents a significant step forward in the altcoin’s upward price trend.
Marking its sixth high in just one week, SUI is closely following Bitcoin’s bullish trend. The cryptocurrency currently has strong support at $3.20, increasing investor optimism for further growth.
However, if SUI fails to hold the $3.20 support, the price could slide to $2.85. This will weaken the current positive view and could lead to a change in investor sentiment.
