As the broader crypto market continues to show signs of recovery, SUI has posted a massive 12% gain in the last 24 hours. After consistently posting gains over the last 30 days, SUI is currently trading at $1.94, the highest it has been since September 8.
On the monthly chart, SUI’s price has more than doubled, with investors raking in over 123% gains when holding for 30 days since September 8.
With the current rally and strong price action, SUI looks set to make a new all-time high, surpassing its previous ATH of $2.18.
Can SUI Hit $2.30 This Week?
The FUD in the market, which kicked in following rising tensions in the Middle East, seems to have subsided. Top cryptocurrencies, including Bitcoin and Ethereum, have posted reasonable gains of more than 1% in the last 24 hours. BTC is back above the $63k mark.
SUI, which did not seem to be impacted much by the broader crypto market downtrend that occurred in the first week of October, is now shifting gears, trading at levels unseen since early April 2024.
Adding to the momentum, some positive endorsements from industry leaders over the weekend have helped SUI’s price see a notable jump.
To answer whether $SUI can hit $2.30 this week, there are many positives that could trigger the token to make a new ATH.
First off, community sentiment is bullish, with the CoinMarketCap live survey showing 82% of community members feeling optimistic about SUI’s price.
On Monday, SUI reached a high of $1.98 before retracing to $1.92. On the 15-minute daily chart, SUI has been making higher highs over the last 12 hours. Despite a minor retracement, the pullback can be stronger, which may push SUI’s price beyond the $2.00 mark.
Given the strong price action and the near 100% increase in trading volume over the last 24 hours, it is very likely that SUI will challenge its previous ATH of $2.11.
$1.75 would be a key intraday level to watch, as SUI has continued to make higher highs. Also, the overall crypto market’s Fear and Greed Index is neutral, which could help the token maintain its upward trend.
