SUI continued its recovery towards its all-time high and is up over 10% in the last 24 hours supported by ecosystem growth.
Sui (SUI) recovered after remaining in a downtrend for four days, as its price rose from $1.62 to $2.08, taking its market capitalization to $5.7 million. Increased investor activity caused its trading volume to increase 35% to $1.76 billion on October 30, after more than doubling on October 29 from the previous day.
The main reason for the recent rally was the enthusiasm around the x.com/SuiNetwork/status/1850939628473487628″ target=”_blank” rel=”nofollow”>launch of a Major League Soccer-themed nft collectibles platform called MLS Quest in Sui in partnership with crypto startup Sweet. The platform allows MLS fans to collect digital medallions based on highlights from real-world league matches and earn rewards.
Net inflows to SUI increased after the partnership with MLS, reaching the highest level among all networks on October 29, according to community member ToreroRomero, further solidifying the momentum of the rebound.
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glass coin data reveals that open interest in the SUI futures market has increased by 13.5%, from $450 million to $511 million in the last four days. An increase in open interest, particularly coupled with higher trading volume, generally indicates increased trader activity and suggests that the market expects more profits.
<img decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/10/SUIUSDT_2024-10-30_11-12-08.png” alt=”SUI up more than 10%, analyst predicts $6 if this happens – 1″/>
However, on the 1-day SUI/USDT chart, the Relative Strength Index is close to the neutral level at 57. Meanwhile, the Average Directional Index stands at 28, indicating moderate trend strength, although its recent drop suggests that the trend could be losing steam. Taking both indicators into account, SUI could be experiencing some sideways movement in the near term.
SUI forms a cup and handle pattern.
However, one analyst predicts that SUI could reach as high as $6.9 in the coming months.
In an October 28 post on x, analyst Alex Gray x.com/cryptclay/status/1851255175983370612″ target=”_blank” rel=”nofollow”>observed that Sui had successfully broken through the neckline of a cup-and-handle pattern, a bullish indicator widely recognized in technical analysis.
According to Grey, SUI is now in a positive retest phase, reinforcing the likelihood of continued gains. It has set an initial target of $6.9, 235% higher than its current price level, which marks the handle's breakout level. If the bullish momentum persists, the price could rise further to the Cup and Handle pattern's total target of $9.6.
At press time, SUI was down 12% from its all-time high of $2.35 reached earlier this month.
