Sui hits $4 ATH. What's next?
2024-12-06

Sui has been gaining significant attention from investors. Riding the wave of Bitcoin’s new all-time high, Sui also reached record levels. Since the U.S. election, the altcoin has surged by an impressive 118%, setting a new all-time high.

Sui has delivered remarkable returns of 760% since August, placing it among this year’s best-performing altcoins. Over the past month, it has traded within a tight range of $1.84 to $2.37. However, during the U.S. election, Sui broke out, climbing alongside Bitcoin and other altcoins. A few hours ago, it reached a new peak of $4.04. 

Despite this milestone, Sui’s momentum has slowed, with minimal price changes since. On the daily chart, the Relative Strength Index (RSI) is at 74.32, suggesting bullish sentiment. Similarly, the Average Directional Index (ADX) has climbed to 23.28, indicating the potential for further gains.

While technical indicators remain positive, the trading volume tells a different story. Daily volume has fallen by 13.27% compared to the previous 24 hours. Despite this, Sui’s price has risen by 2.39% and is currently trading at $3.84.

Sui has been a top performer this year, delivering exceptional returns. However, with investors beginning to take profits, selling pressure may lead to a correction. Key support levels to watch are $3.19 and $2.90, with stronger support at $2.30 if the decline intensifies.

On the other hand, if Bitcoin continues its rally and draws more buyers into the market, Sui could defy expectations and surpass its recent all-time high.