SUI recently reached a new all-time high, continuing a rally that began earlier this month at $1.69. The cryptocurrency managed to defy bearish expectations by demonstrating resilience and breaking through the previous resistance level.
Sustained growth is a challenge for those hoping for lower prices as SUI gains momentum.
SUI has all kinds of supporters
Market sentiment on SUI was mixed. Funding rate data shows that many bearish investors are betting on the decline by placing short contracts in hopes of profiting from falling prices. Despite these bearish bets, the SUI rally and recently achieved ATH suggest stronger sentiment among bullish investors.
While the funding rate has fluctuated, it remains in positive territory, hinting that confidence in SUI’s potential remains. However, bearish traders have not backed down as they continue to anticipate a reversal, betting against the current SUI trajectory.
From a macroeconomic perspective, SUI’s performance remains strong. The Average Directional Index (ADX), a key indicator of trend strength, is currently above the 25.0 threshold, signaling that the prevailing trend has gained significant strength. For SUI, the trend is upward, consistent with the broader bullish sentiment seen in recent price action. With ADX above 25.0, the likelihood of a sustained rise in SUI increases, increasing speculation of further growth.
The SUI’s uptrend looks set to continue if market support continues, challenging the forecasts of bearish investors. As long as ADX remains strong, SUI is likely to maintain its positive momentum, leaving room for further price increases. For now, SUI remains an asset with upside potential, with both technical indicators and market sentiment supporting its continued uptrend.
SUI Price Forecast: New Highs
SUI recorded a 9.75% gain over the past 24 hours, hitting a new all-time high of $3.52. While the gain was modest, this peak represents a notable step in the altcoin’s ongoing upward trajectory.
Notching its sixth ATH in just one week, SUI is closely following Bitcoin’s bullish trend. The cryptocurrency now has strong support at $3.20, increasing investor optimism for further gains.
However, if SUI fails to hold the $3.20 support, the price could fall to $2.85. This would undermine the current positive outlook and could lead to a change in investor sentiment.
