{"id":579210,"date":"2024-09-23T15:34:45","date_gmt":"2024-09-23T15:34:45","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=579210"},"modified":"2024-09-23T15:34:45","modified_gmt":"2024-09-23T15:34:45","slug":"sui-price-prediction-sui-soars-11-as-tvl-surpasses-900m-but-analysts-say-buy-this-new-crypto-for-the-next-bull-run","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sui-price-prediction-sui-soars-11-as-tvl-surpasses-900m-but-analysts-say-buy-this-new-crypto-for-the-next-bull-run","title":{"rendered":"Sui Price Prediction: SUI Soars 11% As TVL Surpasses $900M, But Analysts Say Buy This New Crypto For The Next Bull Run"},"content":{"rendered":"

The Sui price has surged 11% in the last 24 hours to trade at $1.58<\/a> as of 3:25 a.m. EST on a 135% pump in trading volume to $1.11 billion.<\/p>\n

The price increase coincides with growing demand for the Sui Network, a Layer-1 blockchain often referred to as a ”Solana-killer” within the decentralized finance (DeFi) market.<\/p>\n

Over the past month, the Sui Network has seen a resurgence in network activity due to the increasing DeFi interest on the platform.<\/p>\n

According to official reports, the blockchain has reached a significant milestone, surpassing $900 million in total value locked (TVL), earning it the 8th spot among all blockchain networks.<\/p>\n

Sui Price Spikes Above Bearish Channel<\/h2>\n
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The SUI\/USDT pair on the daily timeframe shows a significant shift in price momentum. For several months, SUI has been trading within a bearish channel, with lower highs and lows indicating sustained downward pressure.<\/p>\n

This channel ended in mid-August when the price found support near the 0.78 Fibonacci level, a key retracement point often serving as a strong support area.<\/p>\n

Shortly after, the price broke out of the bearish channel in early September, signalling a potential reversal from bearish to bullish sentiment.<\/p>\n

Following the breakout, SUI experienced a sharp bullish rally, pushing the price well above both the 50-day SMA (1.0895) and the 200-day SMA (0.9515).<\/p>\n

\"Sui<\/p>\n

SUIUSDT Analysis Source: Tradingview<\/p>\n

This crossover above two critical moving averages suggests a confirmed bullish trend, with the current price at 1.5405. These moving averages are now positioned as dynamic support levels in the event of a price pullback, adding to the strong positive momentum.<\/p>\n

Sui Price Continues The Uptrend On Bullish Technicals<\/h2>\n

The support zone is around $0.80, a key level before the breakout. This area is likely to act as a strong support if the market retraces. However, the current price action indicates a further gains are possible, with the potential for “More Upside Reward” shown by the arrow pointing to the upside.  If it breaks through the $1.60 resistance level, the price could continue rising, which may present short-term selling pressure.<\/p>\n

The RSI (Relative Strength Index) is currently at 79.19, placing it in the overbought zone. While this indicates intense buying pressure, it also implies that the market could experience a short-term correction or consolidation. An RSI in overbought territory often signals a potential pullback, especially if the indicator remains elevated for an extended period.<\/p>\n

The Sui price shows a solid bullish breakout from a prolonged bearish phase, supported by a rise above key moving averages.<\/p>\n

While there is potential for further upside, as indicated by the recent price surge, the RSI suggests the possibility of a short-term pullback. Watching for resistance around $1.60 and support from the 50-day SMA, 200-day SMA, and the $0.80 support zone is crucial.<\/p>\n

Memebet Casino Raises over $272K<\/h2>\n

Meanwhile, as the Sui price indicates a further bullish rally, a new meme coin casino project called Memebet Casino (MEMEBET Token)<\/a> has raised more than $272K in early funding in its ICO.<\/p>\n

This momentum has captured the attention of popular crypto analyst and YouTuber ClayBro, with over 130K subscribers, who says early investors could see massive gains once the MEMEBET Token launches.<\/p>\n