The interest rate cut by the US Federal Reserve has led to recoveries in large-cap assets, including a notable performance by Sui (SUI). The token has surged 45% in the past week, currently standing at $1.50, showcasing a significant bullish trend.
Initially consolidating around $0.8, SUI breached the $1 mark in mid-September and swiftly reached $1.5. This performance is partly due to Sui network's recent partnership with Circle to expand USDC issuance to its blockchain, enhancing liquidity and user adoption.
Currently, SUI is testing the $1.5 resistance level. A successful break could propel it to $1.80, while a failure might see it drop to $1.0125. The RSI indicator suggests potential overvaluation as it is in the overbought region, advising cautious investment. Nonetheless, rising open interest fuel the token's bullish sentiment.
SUI's open interest stands at about $383 million, reflecting a 9% increase in the past day. Overall, the recent developments and market movements make SUI one of the top performers among the largest cryptocurrencies by market capitalization.
