- SUI hits a new ATH, surpassing LINK, TON, XLM, and SHIB in market cap.
- Bullish momentum confirmed by rising Stoch RSI, increasing long positions, and positive funding rates.
- SUI’s strong performance suggests further gains, with investors anticipating continued upward movement.
SUI has made an impressive leap over the last 24 hours. From a low of $4.2, the cryptocurrency surged to a new all-time high of $5.03. At the time of writing, SUI was trading at $5.01, reflecting an 18% gain. This price jump has also positively impacted SUI’s market cap, which rose by over 17%. As a result, SUI surpassed coins like LINK, TON, XLM, and SHIB in market rankings.
Strong Momentum Signals a Bullish Future
SUI is clearly riding a wave of bullish momentum. The Stochastic Relative Strength Index (Stoch RSI) surged to 81, following a bullish crossover on New Year’s Eve. This indicates the uptrend remains strong and likely to continue. Also, the Directional Movement Index (+DI) climbed to 21, showing strength, while the Average Directional Index (ADX) dropped to 18. This suggests that the upward movement could extend. A growing number of traders are also showing confidence in SUI. On the 4-hour chart, 51% of investors have taken long positions.
What’s Next for SUI?
Another key indicator is SUI’s funding rate, which turned positive in the past 24 hours. When the funding rate is positive, future contracts trade at a premium to spot markets. This is often a sign of optimism, indicating that traders expect prices to keep increasing.
SUI has clearly entered a bullish phase. The altcoin’s ability to flip established altcoins like LINK, TON, XLM, and SHIB shows its growing strength. With momentum, strong market indicators, and rising investor confidence, SUI has the potential for more gains in the future.
The cryptocurrency market is watching closely. If SUI’s upward trend continues, we could see even bigger moves ahead. With solid momentum and increasing market confidence, SUI might be just getting started.