- SUI surged by by 17.85% to hit a new all-time high of $5.03
- The altcoin’s market cap crossed the $15 billion-mark, with the crypto now ranked 12th
Over the last 24 hours, SUI has outperformed a majority of the crypto market. In fact, the cryptocurrency surged from a low of $4.2 to hit a new all-time high of $5.03. At the time of writing, the altcoin was trading at $5.01 following a hike of almost 18%. Needless to say, this had a corresponding positive impact on the altcoin’s market cap and trading volume too, with the former climbing by over 17%.
This uptick in market cap is now the market’s most significant move. Especially since owing to the same, SUI has flipped established coins such as TON, SHIB, XLM, and LINK on the crypto-rankings charts.
At press time, Chainlink [LINK] followed SUI’s lead with a market cap of $14.82 billion. Behind it, Toncoin [TON] with $14.6 billion, Shiba Inu [SHIB] with $14.46 billion, and finally, Stellar [XLM] with $14.1 billion.
Hence, the question – Can SUI can sustain its uptrend?
Will the rally go on?
According to AMBCrypto’s analysis, SUI is seeing some strong upward momentum, with its markets full of bullish sentiments.
Source: Tradingview
We can see this strong momentum to the upside with a sustained hike in its Stoch RSI. In fact, Sui’s Stoch has surged to 81 since making a bullish crossover on New Year’s Eve. This seemed to confirm that the uptrend is intact and it’s positioned to continue.
This can be further confirmed by a rising +DI of (the Directional Movement Index), with the same climbing to 21 while the ADX declined to 18.
Source: Coinglass
Additionally, the market’s bullishness can be evidenced by the higher number of traders taking long positions.
On the 4-hour timeframe, for instance, 51% of investors are taking long positions. When more traders go long, it implies they are bullish and anticipate further gains.
Source: Santiment
Finally, SUI’s total funding rate aggregated by asset turned positive over the last 24 hours. When this turns positive, it means that future contracts are trading at a premium to the spot market – A sign that optimism is driving the price higher in the Futures market.
What lies ahead for the altcoin?
In conclusion, SUI has entered a bullish phase and investors are now anticipating more gains. SUI flipping a set of altcoins in one go is a sign of its market strength too.
Hence, the altcoin could see more gains on its price charts.
Credit: Source link