The Sui ecosystem is known to deliver the benefits of Web3 with the ease of Web2. By facilitating the development of a diverse range of apps across gaming, NFTs and finance, this has seen the ecosystem grow in popularity.
Recently the price of SUI has experienced a rough time. Over the last one week, for instance, the price has been on a downward trend dropping from $3.7 to $2.9. But, the coin seems to have gained momentum now after shifting to an upward trend. Top analysts have gone ahead to predict that SUI could reclaim the $3.60 following its recent performance.
Price Analysis and Technical Outlook of SUI
Data on Coinmarketcap shows that the price of SUI currently stands at $3.31. This price level marks a 4% surge on the day expressing great potential. Additionally, the coin has been trading between a low of $3.15 and a high of $3.35 after risking a breach of the $2.9 support just days ago.
Over the last 24 hours, the trading volume for the coin has dropped signifying a slow down in trading activity around the coin. SUI’s trading volume now stands at $890.86 Million with a 19.34% dip today.
The technical indicators are pointing to a moderately strong upward momentum. Based on data on TradingView, the RSI of SUI is at 62.31 which is midway the neutral point (50) and overbought level (70). This signifies that the coin is trending upward but hasn’t become overbought yet.
On the other hand, the chart above shows a slight bullish crossover. The MACD line rests at 0.0387 and is approaching the Signal line from below. If the bullish crossover is sustained, the price of SUI could continue upwards. In case the bulls fail to hold strong the price could dip towards the $2.9 level.
Analyst Predicts that SUI Could Surge To $3.60
The recent surge in price has stirred attention amongst crypto analysts who have predicted the next move for the coin. According to famous analyst Ali Martinez, SUI recently appeared “to have broken out of an inverse head-and-shoulders pattern.” As per his analysis this sets the price for a surge to $3.60.
Another crypto analyst Hardy, has backed Martinez by stating that “SUI will go higher!” However, Hardy emphasized that for this to happen BTC must continue to trade sideways allowing the altcoin to pump.
In yet another analysis, Dollarcurrency21 predicted that the coin is targeting $7.2, $8.5, and $10.5 based on the Fibonacci analysis. The coin has a strong resistance around the $3.55 – $3.65 level. If the coin pushes past this level in the near future, bullish momentum will be confirmed.
How SP1 Proofs on Sui Ecosystem Could Affect SUI’s Price
In a recent development, Sui announced that it has collaborated with Soundness Labs and Succinct Labs to bring SP1 proofs on the Sui ecosystem. The SP1 proofs will help developers “build zkApps without deep cryptography expertise.”
The SP1 is a zkVM which allows developers to have access to zero-knowledge proofs. With SUI being an L1 designed for scalable & efficient dApps, the introduction of SP1 proofs will make zkApp development easy. This in turn will improve developer experience and optimize the use of the SUI ecosystem hence attracting more adoption.
With increased use cases, the native token of the ecosystem SUI could surge to levels predicted above. However, traders should carefully watch both Bitcoin’s performance and other factors that influence the price of SUI despite the recent positive signs.
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