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bitcoin
Bitcoin (BITCOIN)
$117,138 0.83%
ethereum
Ethereum (ETHEREUM)
$4,572 1.40%
binancecoin
BNB (BINANCECOIN)
$996.31 4.57%
solana
Solana (SOLANA)
$246.17 4.91%
ripple
XRP (RIPPLE)
$3.12 3.06%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 2.42%
pepe
Pepe (PEPE)
$0.000011 3.79%
bonk
Bonk (BONK)
$0.000025 5.35%
bitcoin
Bitcoin (BITCOIN)
$117,138 0.83%
ethereum
Ethereum (ETHEREUM)
$4,572 1.40%
binancecoin
BNB (BINANCECOIN)
$996.31 4.57%
solana
Solana (SOLANA)
$246.17 4.91%
ripple
XRP (RIPPLE)
$3.12 3.06%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 2.42%
pepe
Pepe (PEPE)
$0.000011 3.79%
bonk
Bonk (BONK)
$0.000025 5.35%
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Sui Price Forecast: SUI Targets 14% Gains as Its TVL Spikes 4%

Highlights:

  • The Sui price has broken out, rising 8% to $3.89.
  • Sui Defi TVL has spiked 4% as its funding rate is positive, signalling rising investor confidence.
  • Sui’s technical indicators suggest a potential rally to $4.45, marking 14% gains.

The Sui price is showing strong momentum, rising 8% to $3.89. The steady rise in SUI coin price has attracted the attention of crypto markets. The chart appears bullish, indicating upside potential moving forward. According to crypto analyst Elmo Quants, the flag formations are identified before a breakout rally. A nearly one-year-long trend has formed, leading the analyst to speculate that a major breakout is near. If it does break the pattern, the SUI price might soon rise above the $10 level.

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According to the present trend and market sentiment, there is considerable upside potential. New data from DeFiLlama shows that SUI is doing well. The total value locked (TVL) in decentralized finance (DeFi) for SUI has reached $2.141 billion. In the last 24 hours, this has increased by 4.37%, showing that interest in the platform and its utility is growing. The coin has seen steady success over the last few months as its TVL has been climbing steadily.

SUI Total Value Locked: DeFiLlama

SUI has managed to continue rising despite the volatile situation in the larger crypto market, which shows how robust it is. The SUI OI-Weighted Funding Rate chart shows that funding rates are rising, further suggesting that traders are becoming more bullish about the coin. As the traders expect a breakout of the one-year pattern of SUI, increasing bullish sentiment is creating price discovery for SUI.

SUI OI-Weighted Funding Rate: CoinGlass

The funding rate is up and currently stands at 0.0096%, indicating that longs are outperforming shorts. This further reinforces the bullish trend in the Sui market. 

Sui Price Technical Outlook as Bulls Eye $14% Gains

A quick glance at the SUI/USD 1-day chart reveals that the price has broken out of a falling wedge pattern. Further, reinforcing the bullish outlook are the key support zones at $3.57 and $3.17 levels. 

Sui price
SUI/USD 1-day chart: TradingView

SUI’s RSI reading of 61.22 indicates a price move could be just around the corner. This is one of the most bullish indicators right now. Thus, it can be seen that the asset is trending to the overbought zone but still has room. With the RSI-based moving average at 53.64, the coin is in a good position to move further to the upside. 

Sui’s trading volume has increased by over 70% in the last 24 hours, supporting the current breakout move. Historically, the SUI price follows a good bounce after breaking patterns like this, such as in the 2017 bull market.

Sui has the potential for a short-term pump to $4.44-$4.45 if momentum holds, marking 14% gains. However, in the long term, if BTC continues to climb, Sui could reach $5 by October. On the downside, if SUI faces rejection at the $3.98-$4.00 resistance, there could be a dip back to $3.57 (50-day SMA). Below that, the Sui price may target $3.17 (200-day SMA), where the next major support lies.

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