The SUI cryptocurrency has crossed the $3 mark again, ending the day at $3.04 with a 9% increase over the past 24 hours. This rise is linked to the broader market recovery, but SUI stands out due to the emergence of a technical pattern.
Price Surge of SUI and Bullish Pattern
SUI has demonstrated a 9% price increase, reaching a level of $3.04. The charts reveal a classic bullish formation known as a "cup and handle." This model suggests potential for further price increases, and if successfully closed above current levels, the price target could reach $6.
Positive Technical Indicators
Technical indicators are also showing signs of bullish sentiment. The Relative Strength Index (RSI) has risen above 50, indicating increasing buyer interest. Moreover, the Average Directional Index (ADX) is moving downwards, which may signify a weakening of the previous downtrend.
Increased Interest in SUI and Growing Confidence
Market activity has also increased, with trading volumes soaring by 164% in the last 24 hours to $1.53 billion. Additionally, open interest in SUI derivatives has risen by 16%, totaling $1.39 billion. The total value locked in the network has reached $1.842 billion, reflecting growing investor confidence in the platform.
SUI prices continue to rise, with current technical and market indicators suggesting increased interest from traders. Positive trends in trading volumes and the rise in locked value confirm the reliability and potential of the cryptocurrency.
