Sui (SUI) has emerged as a prominent cryptocurrency in 2024 due to notable market gains and significant price fluctuations. The altcoin is currently stabilizing after a week-long price surge of 30.01%, achieving a new all-time high of $2.28.
Notably, market analyst Michaël van de Poppe has forecasted a potential price target for SUI of up to $2.50, based on its current bullish trajectory. This projection aligns with the positive overall market sentiment around SUI, with investors optimistic about its long-term profitability.
Despite being overbought according to technical indicators including the 100-day simple moving average and RSI, SUI continues to attract attention. It is predicted to perform impressively during the upcoming bull market, potentially reaching up to $70 in 12-18 months if it follows a path similar to that of Solana in 2021.
The Open Interest—a measure of investment activity in SUI—has seen a 27.10% increase, indicating sustained trader interest and confidence in future price gains. The daily trading volume has also risen, further underscoring active market engagement with SUI.
