SUI price jumps after $2.4B inflow – Can bulls crack $2 next?
Journalist
Posted:
Key Takeaways
Why was Sui rallying?
Sui rebounded from oversold circumstances, fueled by the introduction of RWA tokens on-chain and robust stablecoin inflows.
The place will the costs go subsequent?
SUI might climb towards the $2 mark, however its upside seems restricted. The broader development stays bearish, and present demand doesn’t appear robust sufficient to set off a full reversal.
Over the previous 24 hours, Sui [SUI] witnessed a ten.39% rally and a 68.17% enhance in day by day buying and selling quantity, which stood at $1.06 billion at press time.
This was a substantial portion of its complete market cap of $5.61 billion.
Supply: Ali Martinez on X
In a post on X (formerly Twitter), analyst Ali Martinez identified that Sui had reached a key assist stage. The broader market will need to have observed, if not the X put up, then at the very least that the altcoin was buying and selling at a serious trendline assist.
Sturdy stablecoin inflows seemingly fueled the present short-term rally. Reviews point out that Sui recorded $2.4 billion in inflows over the previous 24 hours, far surpassing these seen on different blockchain networks.
Information that the R25 protocol was bringing real-world assets to the Sui Community additionally bolstered the bullish sentiment on the time of writing.
Oversold circumstances’ influence on Sui value
Supply: SUI/USDT on TradingView
The 1-day chart confirmed that the RSI had dropped to 22.15 on the twenty second of November. Since then, SUI has rallied by 15.7%.
Nonetheless, the RSI remained at 35 and has solely moved out of oversold territory. The OBV was additionally in a downtrend, capturing vendor dominance.
The long-term development remained firmly bearish, and the swing excessive at $2.23 was solely a decrease excessive within the downtrend. Therefore, SUI should transfer previous the $2-$2.23 space to have an opportunity of building a long-term uptrend.
Till then, swing merchants and traders can stay bearishly biased. This bounce is for promoting till the market exhibits us in any other case.
Supply: SUI/USDT on TradingView
The 4-hour chart confirmed short-term bullish momentum. The Fibonacci retracement ranges revealed that the present rally might go as much as $1.88-$2 earlier than reversing. Notably, the $2 goal coincided with the demand zone from the 1-day timeframe.
Decrease-timeframe merchants can look to revenue from this bounce, however should keep in mind the higher-timeframe development and take earnings accordingly.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
