SUI Network's Native Asset SUI Outshoots in Today's Downmarket With a 17.32% Rise in 24 Hours and a Massive 122% Growth in the Last 7 Days

SUI is currently trading at the 30-day high price of $1.05, hitting the psychological resistance of $1, the token lost this territory in mid-June.

Layer-1 blockchain network SUI's native asset ( SUI ) outshone in today's down market with a 17.32% rise in 24 hours and a massive 122% growth in the last 7 days.

Out of the top-100 cryptocurrencies, SUI outperformed all, grabbing the attention of many traders and investors in the crypto space.

The native token of the SUI blockchain network is currently trading at the 30-day high price of $1.05, hitting the psychological resistance of $1, which the token lost in mid-June.

This impressive surge of SUI tokens was triggered on 7th Aug after Grayscale, the investment firm, launched new crypto investment trusts for SUI.

The growth can also be attributed to other factors like increased Over-the-counter bids, increased holders, technical developments, and token considerations by influential figures.

Will The Rally Continue?

Yes, the SUI is anticipated to break above $1.1 in the next few trading sessions, only if bearing the sell-offs by early session buyers.

SUI, from a few days ago, is experiencing increased trading activity. The trading volume is already 80% up ($542 million) in 24 hours. It is important to note that when the asset price and volume rally together, it indicates increased buyers’ interest in the coin.

Additionally, the momentum indicator MACD shows continued demand.

At the time of writing the MACD line (blue) is reading above the signal line(orange) and zero line. This shows the price faces short rejection due to sell-offs, but the rally will continue by creating higher highs and lower lows.

SUI Targets To Hit $1.2 ?

SUI tokens when passed through the indicator Elder Ray Index, returned a positive value. At the time of writing it reads at +0.157.

Elder Ray Index ( Bull Bear Power ) if positive means the buyers are stronger than sellers and this value can be seen on the positive side since 6th August and spiked today again.

It is also to be noted that the selling activity will be seen at this point, but the bulls of SUI seems to be recovering stronger

If the rally continues, SUI can be seen hitting $1.1 today and if t is invalidated strong support is found deeper bearing $0.5.

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