Sui price took a strong leap in intraday and reclaimed the psychological $1 level. The bulls’ domination may be observed in the recent sessions as the price has nearly doubled within a week.
The recent sessions saw unprecedented growth in the SUI price, rising nearly 100% in a week. Moreover, few analysts correlated this impressive price jump with two major factors: increased user engagement and Greyscale’s launch of a new fund for Sui and Bittensor.
On top of all these reasons, the Sui price successfully broke down a three-month correction phase. It surpassed the 200-day exponential moving average, indicating a bullish reversal on the charts.
Social Sentiment On the Rise
As per the data obtained from a financial website, app.santiement.net, there has been robust growth in social metrics like social dominance and social volume, indicating strong user engagement.
The social dominance and the social volume have surged to a three-month high value, indicating significant growth. The social metrics curve reflects the level of user engagement and shows how much the crypto is talked about, valued, and sought after by the community.
Furthermore, a few analysts also correlated the recent price surge in SUI with Greayscale’s announcement of an investment fund for SUI and Bittensor.
Grayscale recently announced new investment trusts for SUI and Bittensor (TAO). This announcement sparked a buying frenzy, significantly impacting the SUI price by almost 100% a week. The price has surged from $0.5 to $1.04 in a week.
Sui Crypto Technical Analysis
From a technical standpoint, the Sui price has surpassed all the key exponential moving averages of 20, 50, and 200 days, suggesting a bullish reversal on the charts. The key EMAs may now act as dynamic support for the token price. The daily chart marks a breakout of a three-month-long correction phase.
On the higher side, the price may look for more gains if it surpasses the $1.145 level, acting as the recent supply zone. On a sustained breakout, the short-term traders and investors may expect a 25-30% growth on the higher side.
When writing, the Relative strength index line was at 68 points, and the 14 day SMA line was close to 43.6 points. Both the lines headed higher. Also, a bullish crossover between the RSI and SMA line indicated a trend continuation.
SUI Price Assessment
The Sui price made a solid rebound from the lows, reclaiming the $1 level and nearly doubling in a week. Social metrics like dominance and volume have hit a three-month high, indicating strong user engagement. Analysts link this surge to Grayscale’s new investment fund for SUI and Bittensor.
From a technical point of view, Sui has surpassed the 20, 50, and 200-day EMAs, suggesting a bullish reversal. A breakout from a three-month correction phase was noted, with potential gains if it surpasses $1.145. The RSI was at 68, and the 14-day SMA was at 43.6, indicating a bullish trend continuation.
Source: https://www.thecoinrepublic.com/2024/08/13/sui-price-takes-a-strong-leap-amid-increased-user-engagement/