SUI Price Surged to a New All-Time High Amid a Broader Crypto Market Rally

SUI has surged to a new all-time high amid a broader crypto market rally. The token has gained over 19% in the past 24 hours to reach $2.32

output: SUI (CRYPTO: SUI) has surged to a new all-time high amid a broader crypto market rally.

What Happened: SUI is up over 19% in the past 24 hours to reach $2.32, according to CoinMarketCap.

This price jump comes as SUI nears the $3.00 mark.

Trading volume also surged by 167.66% in the past 24 hours to reach $1.59 billion, indicating strong market interest and liquidity.

CryptoSlate crypto analyst Bluntz recently observed that a recent analysis of SUI’s price action aligns with the Elliott Wave Theory, suggesting the asset could be in a bullish, volatile wave.

This technical framework identifies five waves: (i), (ii), (iii), (iv), and (v).

The current activity indicates that SUI may be in its final upward impulse wave (v). The third wave (iii) showed strong growth, followed by a corrective phase (wave iv).

Bluntz predicts that the upcoming wave (v) could propel SUI’s price toward the $3.00 target.

This analysis suggests that SUI has the potential for further upside if the correction stays within expected boundaries.

Price and Volume Trends: At the time of writing, SUI has risen from $1.93 earlier in the day to over $2.30, showing strong upward momentum.

The cryptocurrency’s circulating supply is 2.85 billion, with a max supply of 10 billion tokens.

Volume-to-market cap ratio for SUI is 24.02%, indicating high liquidity and active trader participation.

Data from Coinglass shows an increase in both price and volume from early February through November, with notable volume spikes in early October and continuing into November.

Technical Indicators: Technical indicators also show a bullish picture for SUI.

The MACD indicator has moved into positive territory. The blue MACD line has crossed above the orange signal line, a technical signal often associated with bullish momentum.

The RSI is currently at 64.03, nearing the overbought level of 70. This technical indicator measures the strength of recent price movements and can help traders gauge whether an asset is overbought or oversold.

Higher readings on the RSI, typically above 50, are generally considered bullish, indicating strong buying pressure.

Although close to this threshold, the RSI still has room to climb, suggesting that SUI could see continued gains before potentially encountering overbought conditions.

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