{"id":647692,"date":"2024-10-13T06:00:34","date_gmt":"2024-10-13T06:00:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=647692"},"modified":"2024-10-13T09:40:28","modified_gmt":"2024-10-13T09:40:28","slug":"analyst-sets-2-50-target-for-sui-following-30-weekly-gain-details","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/sui\/analyst-sets-2-50-target-for-sui-following-30-weekly-gain-details\/","title":{"rendered":"Analyst Sets $2.50 Target For SUI Following 30% Weekly Gain – Details"},"content":{"rendered":"

Sui (SUI) has been one of the most popular crypto assets of 2024, with notably high market gains and drastic price losses over the year. The altcoin is currently moving sideways following a recent price rally in the last week. As usual, these consolidative movements draw much speculation on the token\u2019s next price action.
\n<\/span><\/p>\n

Related Reading: Avalanche Rebounds: Eyes $29.35 Breakout And Further Gains<\/a><\/div>\n

SUI To Record ATH At $2.50, Analyst Says<\/strong><\/h2>\n

In an X post on Saturday<\/a>, market analyst Micha\u00ebl van de Poppe dropped a new price target for SUI based on its current bullish momentum. According to data from CoinMarketCap, SUI recorded a 30.01% profit in the last seven days, emerging as the second-highest weekly gainer in the crypto market. <\/span>Amidst this price gain, the digital asset already notched a new all-time high of $2.28. However, Van de Poppe\u2019s forecast projects the altcoin to maintain its current uptrend and attain a new peak between $2.30 – $2.50.
\n<\/span><\/p>\n

\"SUI\"
Source: Micha\u00ebl van de Poppe on X<\/figcaption><\/figure>\n

However, looking at the SUI daily chart, certain indicators present an alternative view. For example, the asset\u2019s price is well above its 100-day simple moving average indicating it is potentially overbought and may be due for a price correction<\/a>.\u00a0<\/span>This position is further backed by the token’s RSI\u00a0 which is well in the overbought zone.<\/span><\/p>\n

Generally, SUI is one of the best-performing coins of 2024 with an overall price gain of 182.5% since the start of the year. However, it has been a bipolar market experience for the\u00a0 layer-1 asset which lost about 71.5% of its value between April and August.\u00a0\u00a0<\/span><\/p>\n

Current market sentiments around the altcoin are largely bullish with investors confident of long-term profitability. Interestingly, SUI has been tipped by analysts<\/a> to emerge as the diamond of the upcoming bull season with the potential to replicate Solana\u2019s performance in 2021. If this projection proves true, it could rise as high as $70 over the next 12-18 months.
\n<\/span><\/p>\n

Related Reading: Cardano Whales Move $6 Billion In One Day, Fuel For ADA Price To Reach $0.5?<\/a><\/div>\n

Open Interest Reaches $664 Million\u00a0<\/strong><\/h2>\n

In tandem with the recent price growth, the Open Interest on SUI has grown by<\/a> 27.10% in the last 24 hours reaching around $664.29 million. For context, Open Interest measures the value of all active trading positions either long or short in the market.\u00a0 <\/span>Interestingly, the daily long\/short ratio currently stands at 1.0665, indicating traders are slightly more confident of SUI experiencing a price gain in the future.\u00a0<\/span><\/p>\n

At the time of writing, SUI trades at $2.22 reflecting a 9.62% gain in the last day. Meanwhile, the token\u2019s daily trading volume is up by 12.55% and is valued at 1.12 billion.\u00a0<\/span><\/p>\n

\"SUI\"
SUI trading at $2.2252 on the daily chart | Source: SUIUSDT chart on Tradingview.com<\/figcaption><\/figure>\n
\n
Featured image from Forbes, chart from Tradingview<\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Sui (SUI) has been one of the most popular crypto assets of 2024, with notably high market gains and drastic price losses over the year. The altcoin is currently moving sideways following a recent price rally in the last week. As usual, these consolidative movements draw much speculation on the token\u2019s next price action. Related Reading: Avalanche Rebounds: Eyes $29.35 Breakout And Further Gains SUI To Record ATH At $2.50, Analyst Says In an X post on Saturday, market analyst Micha\u00ebl van de Poppe dropped a new price target for SUI based on its current bullish momentum. According to data from CoinMarketCap, SUI recorded a 30.01% profit in the last seven days, emerging as the second-highest weekly gainer in the crypto market. Amidst this price gain, the digital asset already notched a new all-time high of $2.28. However, Van de Poppe\u2019s forecast projects the altcoin to maintain its current uptrend and attain a new peak between $2.30 – $2.50. However, looking at the SUI daily chart, certain indicators present an alternative view. For example, the asset\u2019s price is well above its 100-day simple moving average indicating it is potentially overbought and may be due for a price correction.\u00a0This position is further backed by the token’s RSI\u00a0 which is well in the overbought zone. Generally, SUI is one of the best-performing coins of 2024 with an overall price gain of 182.5% since the start of the year. However, it has been a bipolar market experience for the\u00a0 layer-1 asset which lost about 71.5% of its value between April and August.\u00a0\u00a0 Current market sentiments around the altcoin are largely bullish with investors confident of long-term profitability. Interestingly, SUI has been tipped by analysts to emerge as the diamond of the upcoming bull season with the potential to replicate Solana\u2019s performance in 2021. If this projection proves true, it could rise as high as $70 over the next 12-18 months. Related Reading: Cardano Whales Move $6 Billion In One Day, Fuel For ADA Price To Reach $0.5? Open Interest Reaches $664 Million\u00a0 In tandem with the recent price growth, the Open Interest on SUI has grown by 27.10% in the last 24 hours reaching around $664.29 million. For context, Open Interest measures the value of all active trading positions either long or short in the market.\u00a0 Interestingly, the daily long\/short ratio currently stands at 1.0665, indicating traders are slightly more confident of SUI experiencing a price gain in the future.\u00a0 At the time of writing, SUI trades at $2.22 reflecting a 9.62% gain in the last day. Meanwhile, the token\u2019s daily trading volume is up by 12.55% and is valued at 1.12 billion.\u00a0 Featured image from Forbes, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":647701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[91523],"tags":[],"class_list":["post-647692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sui"],"acf":[],"yoast_head":"\nAnalyst Set $2.50 Target For SUI Following 30% Weekly Gain - Details<\/title>\n<meta name=\"description\" content=\"In an X post on Saturday, market analyst Micha\u00ebl van de Poppe dropped a new price target for SUI based on its current bullish momentum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/sui\/analyst-sets-2-50-target-for-sui-following-30-weekly-gain-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst Set $2.50 Target For SUI Following 30% Weekly Gain - 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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