Sui (SUI): how close is a new ATH?
2024-10-09

Sui (SUI) price has recently experienced a notable rise in market value, standing out even as the broader cryptocurrency market struggles. Over the past week, SUI has defied the downturn, continuing its upward momentum after being one of the top-performing large-cap cryptocurrencies in September. 

The token saw a remarkable 100% increase last month, and the rally carried over into October, with SUI coming close to setting a new all-time high on October 7. In addition, SUI drew more attention after surpassing Solana in daily transaction volume, further solidifying its growing presence in the market.

After a market surge over the past few days, the SUI price has experienced a notable drop, slipping by 5.90% to $1.94 at press time. The digital asset, which recently hit a 24-hour low of $1.94 and a high of $2.13, has seen some fluctuations, reflecting a volatile trading day. The Sui price hit an all-time high of $2.18 on March 27, 2024, marking a 10.5% decrease from its peak.

The Sui price is facing resistance around the $2 mark. However, improving market conditions might support a push towards this level soon. If the coin reaches $2.18, it would mark a significant increase of nearly 10% from its current value. 

Such a move could bring the cryptocurrency closer to its all-time high (ATH), potentially sparking renewed investor interest.
The current Chaikin Money Flow (CMF) value is 0.01, indicating a neutral market sentiment. It recently showed a bullish trend before flattening out.

While the Sui price has pulled back slightly from its recent highs, the continued growth in transactions and DeFi activity suggests the potential for further gains. With resistance near $2 and increasing interest from key platforms, Sui remains a token to watch, especially if it makes another push toward its all-time high.