The reason SUI coins prices has risen, apparently because of this!

Bittime - Sui (SUI) recorded a very significant price increase in the last week. However, what caused this coin to rise? To find out, keep reading this article until the end, OK!

This achievement positioned SUI as a star among the top 100 cryptocurrencies, fueling the curiosity of analysts and investors regarding the factors behind this sudden success.

Currently, SUI is trading at $0.9745, marking a significant increase that has taken many by surprise. 

Causes of SUI Price Increase

Andrew Kang, the brain behind Mechanism Capital, identified several key factors driving SUI's bullish trend. According to him, there are several factors that influence the price of this coin.

Among these are support from influential figures, high demand for over-the-counter (OTC), as well as the loyalty of token holders even after massive token releases, which are the main catalysts for SUI's rise. Moreover, the latest technical updates open up opportunities for new innovative applications on the SUI platform.

A similar view was expressed by Raoul Pal, founder of Global Macro Investor and RealVision. Pal describes SUI as a “revolutionary ultra-fast L1” blockchain, developed from Meta's Diem project. 

Read also: SUI Blockchain integration with Zero Hash

He is optimistic that SUI has great potential to develop and serve a broad user base in the transition from Web2 to Web3 technologies. This perspective is in line with increased institutional interest and recent significant price spikes.

Technical Indicators and Institutional Support

Technical indicators also support the upward trend in SUI. The Moving Average Convergence/Divergence (MACD) indicator shows that the MACD line is above the signal line and the zero line, indicating a strong short-term uptrend. 

Additionally, a positive Elder-Ray Index indicates that bullish activity is currently stronger than bearish pressure.

SUI also recorded a significant increase in trading activity. In the last 24 hours, the coin's trading volume reached $376 million, the highest level since early June. 

This spike in trading volume indicates increased investor interest and demand, which contributes to the price increase.

Institutional support further strengthens SUI's position in the market. Grayscale has launched the Grayscale Sui Trust, a new fund dedicated to SUI. 

This fund provides a structured investment platform for individual and institutional investors, adding credibility and support to SUI's presence in the market.

Read also: Sui Announces 32 Winners of Sui Overflow Hackathon!

Future Prospects and Challenges of SUI

Looking ahead, SUI's price target is set at $1.12, a level last reached in early June. Achieving this target will depend on continued strong demand and positive market sentiment. 

However, keep in mind that increased profit-taking could lead to a price decline, with a potential support level around $0.46.

Markets continue to monitor SUI developments with a mix of cautious optimism and interest. While the recent surge is promising, continued monitoring and market reaction will be crucial in determining whether SUI can maintain its upward trajectory and achieve its projected targets.

This SUI phenomenon is a valuable lesson for crypto market players. Amid volatility and uncertainty, there is always an opportunity for innovative projects to steal the spotlight and change the industry landscape. 

For investors, this is a reminder of the importance of in-depth research and a comprehensive understanding of the technology underlying any blockchain project, beyond just short-term price trends.

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.