Due to Sui maintaining an upward trend, the weighted sentiment has remained firmly bullish for most of the past month.
- Sui's price is expected to break through $3.54.
- The stable buying pressure in recent months suggests that the Sui (SUI) index may rise further.
Sui [SUI] had a trading volume of $3 billion in the past 24 hours, with a market capitalization of $9.4 billion, ranking 14th on CoinMarketCap.
Unlike small-cap assets, multi-billion dollar assets can sometimes be difficult to rise quickly.
The strong momentum shown by SUI since September has demonstrated the bullish sentiment towards the token. The likelihood of breaking through $3.54 and $4 is greater than a pullback to $2.5.
SUI Price Forecast Bullish in Longer Time Frames
SUI has a strong bullish market structure. It has been in an uptrend since mid-September, but only started showing signs of a rebound in August.
Since April, the Altcoin has been in a downtrend with low trading volume.
In August, the trend in trading volume underwent a significant change. The inflow of funds was balanced, but the bulls prevailed in September, and SUI has not looked back since then.
The price forecast for Sui is bullish in the long term, but there may be some volatility in the short term. Lower timeframe analysis shows that the 23.6% Fibonacci extension at $2.81 is a key support area.
A deeper retracement below $2.81 would make the lower timeframe bias bearish, but the daily chart would still be bullish. The MFI shows strong bullish momentum, with no bearish divergence.
The CMF has broken above last November's highs, reflecting a significant inflow of capital into the market.
Open Interest Slightly Decreased
Similar to trading volume, open interest also started to rebound in August.
With the price increase in the second half of September, the rise in OI reflects stable bidding in the futures market. This reflects the bullish sentiment.
Due to some selling pressure faced by SUI around the $3.3 level, OI has declined from $771 million to $716 million in the past three days.
The weighted sentiment has remained firmly bullish and has been so for most of the past month. However, developer activity has declined sharply in recent weeks.
This decline may not be a cause for concern, as similar declines have occurred a few times in 2024.
