Sui (SUI) Price Surge: User Enthusiasm Drives Significant Increase
2024-08-14
Bittime - Sui (SUI) recorded a surprising price increase in the last few days. This phenomenon has caught the attention of investors and crypto market observers, who are now wondering: what is actually happening to the Sui price? To find out, keep reading this article, OK!
SUI Price Movement
In a short time, the price of Sui managed to penetrate the psychological level of $1 (around Rp. 15,600) even though currently the price has decreased by around 4%. This dramatic increase has many people wondering about the factors driving the price spike.
According to analysts, there are two main factors that contributed to this impressive rise in Sui prices. First, there was a significant increase in user engagement. Second, the announcement from Grayscale about the launch of a new investment fund for Sui and Bittensor.
Read also: Continue to be stable, are SUI prices predicted to increase further?
Sui (SUI) Price Increase Factors
As explained above, there are two main factors for the increase in the price of this coin. Anything? The following is the explanation.
Increased Social Sentiment
Data from financial site app.santiement.net shows strong growth in social metrics such as social dominance and social volume. These two indicators reached their highest values in the last three months, indicating a significant spike in user interest and engagement.
This social metric curve reflects the level of user engagement and shows how much the cryptocurrency is talked about, appreciated and sought after by the community. This phenomenon shows that Sui has succeeded in attracting great attention and enthusiasm from users and potential investors.
Impact of Grayscale Announcement
The second factor believed to have contributed to the surge in Sui prices was Grayscale's announcement of a new investment fund for Sui and Bittensor (TAO). This announcement triggered a significant wave of buying, pushing the price of Sui up almost 100% in a week, from $0.5 (Rp. 7,800) to $1.04 (Rp. 16,224).
Read also: The Reason Why SUI and Helium Prices Rise, Two Cryptos That Go Against Market Flow
Grayscale's move is seen as recognition of Sui's potential in the future, thus further strengthening investor confidence in this cryptocurrency.
Sui Technical Analysis
Sumber: The Coin Republic
From a technical perspective, Sui price has surpassed all key 20, 50, and 200-day exponential moving averages (EMA), indicating a bullish trend reversal on the charts. These EMAs can now serve as dynamic support for the token price.
The daily chart shows a breakout from the three-month correction phase. If the price manages to break through the $1,145 level (around Rp. 17,862), which currently acts as the latest supply zone, traders and short-term investors can expect further 25-30% growth.
When this article was written, the Relative Strength Index (RSI) line was at 68 points, while the 14-day SMA line was around 43.6 points. These two lines show an upward trend. Additionally, a bullish crossover between the RSI and SMA lines indicates a continuation of the positive trend.
SUI Price Prediction
Sui price has made a solid rebound from its lows, again surpassing the $1 level (Rp. 15,600) and almost doubling in a week. Social metrics such as dominance and volume have hit three-month highs, indicating strong user engagement.
From a technical perspective, Sui has surpassed the 20, 50, and 200-day EMAs, signaling a bullish trend reversal. A breakout of the three-month correction phase has been recorded, with potential for further upside if the price surpasses $1,145 (Rp 17,862).
How to Buy Crypto on Bittime
You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime.
Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
