SUI recently achieved a new all-time high, continuing its upward trend from $1.69 earlier in the month, defying bearish expectations. This sustained growth poses a challenge to those anticipating a price drop, gaining momentum and surpassing previous resistance levels.
Market sentiment around SUI remains mixed. Despite bearish bets and short contracts aiming for a price decline, SUI's momentum and newly reached ATH indicate a stronger bullish sentiment. The positive territory of funding rates hints at ongoing confidence in SUI's potential.
From a macro perspective, SUI's upward trend remains strong, supported by the Average Directional Index (ADX), which exceeds the 25.0 threshold. This indicator suggests significant force behind the prevailing trend, increasing the likelihood of continued growth.
SUI recorded a 9.75% rise, reaching an ATH of $3.52, reflecting modest yet significant gains. This peak marks its sixth ATH in a week, aligning with Bitcoin's bullish trend, aided by strong support at $3.20 to bolster investor optimism.
If SUI fails to maintain the $3.20 support, the price could drop to $2.85, affecting the positive outlook and possibly altering investor sentiment.
