TLDR
- SUI broke out of an inverse head-and-shoulders pattern with a price target of $3.89
- The cryptocurrency surged 11.3% to $3.41, breaking above key moving averages
- Grayscale released a report highlighting Sui’s competitive advantages and scalability
- Trading volume exceeded $20.8 million, confirming strong buyer momentum
- DeFi activity on Sui reached $281 million in 24-hour volume with total value locked at $2.6 billion
Sui has broken out of an inverse head-and-shoulders pattern on its price chart. This technical formation suggests a potential rally to $3.89.
The cryptocurrency jumped 11.3% to $3.41 on Thursday. Bitcoin’s surge to a new all-time high above $117,737 helped lift sentiment across the altcoin market.
SUI turned up sharply from its 20-day exponential moving average at $2.92 on Wednesday. It then broke above the 50-day simple moving average at $3.08 on Thursday.
The relative strength index moved into positive territory. This indicates bulls are back in control of the market.
Trading volume exceeded $20.8 million during the breakout. High volume typically confirms the validity of technical patterns.
Technical Indicators Signal Strength
The cryptocurrency has blown through multiple exponential moving averages. These include the 20 EMA at $2.98, the 50 EMA at $2.83, the 100 EMA at $3.09, and the 200 EMA at $3.27.
All these moving averages now serve as support levels. The price currently trades near $3.44, well above these key technical markers.
The Stochastic RSI has moved into overbought territory with values over 90. While this suggests short-term caution, it also reflects strong buyer dominance in the market.
The MACD shows a confirmed bullish crossover. The MACD line has moved above the signal line with the histogram printing green bars.
The regular RSI sits at 64, showing rising buyer strength. There remains room before hitting extreme overbought conditions.
Grayscale Report Highlights Sui’s Advantages
Grayscale released a report endorsing Sui’s competitive advantages over other blockchains. The investment firm pointed to the blockchain’s core technology as a key differentiator.
The report noted that several Sui developers are former Facebook engineers. This background adds credibility to the project’s technical roadmap.
Grayscale emphasized Sui’s focused strategy and scalability. These factors help it stand out in the crowded blockchain space.
The ecosystem supports over 70 decentralized applications. Total value locked on the platform has exceeded $2.6 billion.
Stablecoin transactions on Sui amounted to $887 million within a month. Adjusted volume increased to 151 billion, representing a 5.6% rise.
Sui-based protocols have executed $852 million in transaction volume over the past 30 days. DeFi transactions reached $281 million in just the last 24 hours.
Cetus, one of the platform’s major protocols, processed $116 million in the last day. The protocol handled $3.35 billion in volume last month.
These metrics show renewed attention on the network following a hacking incident two months ago. The strong activity suggests users are regaining confidence in the ecosystem.
If buyers maintain the price above the 50-day SMA, SUI could climb to $3.55. The pattern target of $3.89 represents the next major resistance level.
The post Sui (SUI) Price: Technical Breakout Sets $3.89 Target Following 11.3% Daily Gain appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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