Investors in altcoins have been talking a lot about Sui (SUI), especially now that its price has increased significantly and has gained positive momentum. Sui (SUI) has gained popularity fast by introducing its stablecoin, AUSD, and its function in promoting DeFi actions on the platform.
Why Does SUI Move Beyond The 1.0000 Level?
SUI showed significant upside pressure and reached the psychological level of 1.0000. The primary driver of the spike was the introduction of AUSD, Sui (SUI)'s native currency, which intends to improve the blockchain's DeFi activities. AUSD's addition of greater liquidity to the Sui (SUI) system has strengthened Sui's (SUI) standing as a major participant in the decentralized financial market.
Furthermore, some ETH buyers are searching for other assets that will yield returns more quickly because Ethereum is finding it difficult to break through the $2,400 barrier. Sui has similar prospects, particularly as Sui gets closer to important resistance levels.
SUI On Chain Metrics Analysis
The recent bullish momentum in SUI is supported by the increased trading volume, which, in the latest 24 hours, suggests a 115% increase to $516 million.
Also, the derivative market in SUI could be another bullish signal for investors. Recent options contracts have reached 53% higher in the last 24 hours. This indicates a surge in the open interest market, suggesting positive market sentiment.
The positive funding rate in SUI suggests a continued price rally. As per the current reading, the coin’s funding rate is at 0.0086%, suggesting a higher demand at the spot price.
SUI Price Prediction Technical Analysis
With $1 serving as crucial resistance, the Sui price movement has been exhibiting indications of an upward breakout. If Sui (SUI) is capable of breaking above this conceptual barrier, it might rise toward $1.43 or possibly $1.72. Several technical indications, such as a reversed head-and-shoulder structure and a strong RSI trend approaching the 60% threshold, are driving this possible gain.
Sui (SUI) has remained quite stable at the $0.80 mark, which has served as a stable base for the token, even though the 200-day EMA has repeatedly rejected it. The future prospects for Sui (SUI) remain favorable as long as its price holds above this crucial support.
In the daily chart of SUIUSD, the current price is trading within a bullish momentum after forming a valid bottom at the 0.4654 low. Moreover, the high volume line since April 2024 is just below the current price from where a bullish rebound has come.
Based on this structure, a valid bullish break with a daily candle above the 1.1188 could validate the inverse Head & Shoulders breakout. In that case, the price might extend the upward pressure and reach beyond the 2.0000 psychological line.
On the other hand, the ongoing selling pressure is present from the trendline resistance, from where a failure to break could be a potential bearish signal. In that case, the downside pressure might come, where the immediate support is at the 0.7000 level. A valid break below this level might find the secondary support at the 0.4985 level.
