Sui has been gaining significant attention from investors. Riding the wave of Bitcoin’s new all-time high, Sui also reached record levels. Since the U.S. election, the altcoin has surged by an impressive 118%, setting a new all-time high.
But what’s fueling this rise, and where could Sui be headed next? Let’s analyze the charts.
760% Returns Since August
Sui has delivered remarkable returns of 760% since August, placing it among this year’s best-performing altcoins. Over the past month, it has traded within a tight range of $1.84 to $2.37. However, during the U.S. election, Sui broke out, climbing alongside Bitcoin and other altcoins. A few hours ago, it reached a new peak of $4.04.
Despite this milestone, Sui’s momentum has slowed, with minimal price changes since. On the 4-hour chart, the Relative Strength Index (RSI) is at 65.67, suggesting bullish sentiment. Similarly, the Average Directional Index (ADX) has climbed to 25.32, indicating the potential for further gains.
Trading Volume Signals Caution
While technical indicators remain positive, the trading volume tells a different story. Daily volume has fallen by 13.27% compared to the previous 24 hours. Despite this, Sui’s price has risen by 2.39% and is currently trading at $3.84.
On the daily chart, ADX stands at 22.11, pointing to a reduction in buying power. This suggests that the bullish trend may be weakening, and the price could shift downward.
Exchange flow data from Coinglass reveals a concerning trend: Sui is seeing net inflows to exchanges. This typically signals that investors are moving their tokens to sell. So far, $16.95 million worth of Sui has flowed into exchanges, increasing market supply and putting potential pressure on its price.
What Lies Ahead for Sui?
Sui has been a top performer this year, delivering exceptional returns. However, with investors beginning to take profits, selling pressure may lead to a correction. Key support levels to watch are $3.19 and $2.90, with stronger support at $2.30 if the decline intensifies.
On the other hand, if Bitcoin continues its rally and draws more buyers into the market, Sui could defy expectations and surpass its recent all-time high.
Will Sui hold its ground or face a correction? The next few days will be important.
