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Sui Price Prediction: SUI Soars 19% As This New Crypto ICO Focused On Electric Vehicles Wows Investors

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Sui Price
Sui Price

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The Sui price is up 19% in the last 24 hours to trade for $1.2460 as of 4:40 a.m. EST time  on trading volume that surged 70%.

The Layer 1 (L1) token has managed to attract significant interest despite broader market volatility.

From a technical standpoint, the Sui price looks poised to extend the climb but faces strong resistance from a supply zone between $1.1196 and $1.3716.

The Relative Strength Index (RSI) is northbound, a sign that momentum is rising. If this trajectory continues, the momentum indicator could soon record a buy signal by crossing above the yellow band that represents the signal line.

The Moving Average Convergence Divergence (MACD) accentuates this, as it is also northbound. The position of the MACD above its signal line (orange band) shows bullish control. With the histogram bars of the MACD flashing green, the bulls are in the front-row seats in the SUI market.

Increased buying pressure could see the Sui price breach the midline of the supply zone at $1.2460. A break and close above this level on the three-day timeframe would confirm the continuation of the uptrend.

Such a move could see the Sui price flip the supply zone into a bullish breaker as it heads to the $1.5000 psychological level. Such a move would constitute a 20% climb above current levels. In a highly bullish case, the gains could set the pace for the L1 token to reclaim the range high at $2.0000, denoting a 60% ascent above the current level.

sui

TradingView: SUI/USDT 1-day chart

Converse Case

However, if traders start booking profits, the Sui price could descend, losing all the ground covered over the past three days. Such a slump could send the Sui price to the $0.9429 support. In the dire case, the load-shedding exercise could plunge the altcoin below the $0.7199 support level, below which the bullish outlook would be invalidated.

If push comes to shove, the Sui price could extend the fall past the $0.5000 psychological level before a retest of the support floor at $0.3772. The dump would constitute a 70% fall below current levels.

On-chain Metrics Supporting Sui Price Bullish Outlook

Meanwhile, multiple on-chain metrics support the bullish outlook for the Sui price, starting with a significant uptick in the volume of transactions. This, backed by the surge in the percentage of stablecoin total supply held by whales with more than $5 million accentuates the bullish thesis. While the former shows the amount of SUI moving, the latter indicates that SUI bulls are preparing to buy.

Between January 9 and 20, the percentage of stablecoin total supply held by whales with more than $5 million has surge from 49.01 to 51.71. This represents a 5.5% increase. Between January 20 and 24, however, this metric has lulled, moving from 51.71 to 51.63.

Sui Santiment

Sui Santiment: Volume, Percentage of stablecoin total supply held by whales with more than $5 million

Promising Alternative To Sui

Even as the Sui price confronts a formidable supplier congestion level, investors are turning their attention to eTuktuk, a new crypto ICO that is focused on electric vehicles that’s wowing investors.

eTuktuk, top player in the Web3 space, according to analysts, is a revolutionary cryptocurrency project committed to helping TukTuk drivers to switch to more energy-efficient modes of transportation. With a special focus on developing economies, the project leverages the $TUK token to establish Electric Vehicle Charging stations (EVSEs). It also offers staking rewards to investors, while at the same time reducing drivers’ costs.

The main focus of the project is to establish proprietary zero-emission vehicles (ZEVs) and EVSEs. These will be set up in multiple developing economies within their urban and suburban areas.

Investors can now buy the token for attractive discounts at the presale, with the staking annual percentage yields (APY) decreasing with time. For early entrants, however, you can enjoy higher APY from the platform now. The presale discounts are also structured to benefit the early investment community.

Visit eTuktuk website here

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