Do to Sui maintaining an upward trend, the weighted sentiment has remained strongly 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 Swiss Credit Index (SUI) 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 assets, assets worth billions of dollars are sometimes difficult to rise quickly.
The strong momentum that SUI has shown since September proves 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 Higher Time Frames
SUI has a strong bullish market structure. It has been in an uptrend since mid-September, but only showed signs of a rebound in August.
Since April, this Altcoin has been in a downtrend, with very low trading volume.
In August, the trading volume trend underwent a huge change. The inflow of funds was evenly matched, but the bulls prevailed in September, and SUI has not looked back since then.
Sui's price forecast is bullish in the long term, but may experience some volatility in the short term. Lower time frame analysis shows that the 23.6% Fibonacci extension level of $2.81 is a key support area.
A deeper retracement below $2.81 would make the lower time frame bias bearish, but the daily chart would still be bullish. The MFI shows a strong bullish momentum, with no bearish divergence.
The CMF has broken above last November's high, reflecting a large influx 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 the stable bidding in the futures market. This reflects the bullish conviction.
As SUI faces some selling pressure around the $3.3 area, OI has declined from $771 million to $716 million in the past three days.
The weighted sentiment remains strongly bullish and has been so for most of the past month. However, development 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.
