Layer-1 (L1) blockchain Sui Network’s native token, SUI, experienced an impressive price increase last week. As of the time of writing, SUI continues to rise, surpassing the $1 level, delighting investors, and reflecting a 119% increase in the last seven days. The altcoin has now reached the highest price value seen in the last 30 days, sparking discussions in crypto circles about the potential for further growth.
SUI Price Surge
SUI has seen a rise in trading activity over the past few days. According to data provided by Santiment, the coin’s daily trading volume in the last 24 hours exceeded $376 million, reaching up to $580 million, the highest level since June 7.
An increase in the price and trading volume of an asset is often interpreted as a rise in interest and activity in that cryptocurrency. The price increase reflects higher demand for the coin, as more people are willing to buy it, thereby increasing its value.
Additionally, looking at SUI’s Moving Average Convergence Divergence (MACD) indicator on the daily chart, the increase in altcoin demand is also evident. As of the time of writing, the indicator shows the MACD line (blue) standing above the signal (orange) and zero lines.
When the MACD line generally moves above the zero line, it indicates an upward trend and suggests the rally might continue. This could indicate sufficient buying activity in the market to sustain the asset’s price increase.
How Much Will SUI Be Worth?
SUI’s Elder-Ray Index has also maintained a positive outlook since August 8. As of the time of writing, the indicator’s value was 0.27. The Elder-Ray Index of an asset reveals the strength of bulls and bears in the market. When the value is above zero, it is commonly accepted that bullish activity is stronger than bearish pressure.
It also reflects that buyers are in control of the market and suggests the possibility of a continuing price rally. The first target for SUI is thought to be the $1.12 level last seen on June 8. However, this could happen if the demand for SUI continues and the bullish trend towards it increases.
However, if investors turn to profit-taking and start selling after the significant rise, things could change. Depending on such a scenario, the altcoin’s value could drop to $0.46, as seen in November 2023.
