- SUI showed a 15.58% increase in daily price and surpassed $1 as per CMC data.
- The altcoin’s trading volume surged 58.39% in the past 24 hours.
The past day saw investors letting out a sigh of relief as the crypto market decided to turn bullish. Overall cryptocurrencies showed positive growth in market cap and daily trading volume as recorded by leading data aggregators. Notably, Sui Network’s token SUI led the altcoin sector in the current bull run with a 15.58% surge in the last 24 hours.
Meanwhile, the largest cryptocurrency, Bitcoin recorded the required bullish movement with a 2.95% increase. Subsequently, this influenced the overall market’s positive momentum as Ethereum and other altcoins followed suit.
SUI token recorded the highest one-day surge in the market and surpassed its resistance at $1. At the beginning of September 11, the token was trading at the $0.88 level before prices began increasing. Following this, SUI hit a 19-day high of $1.0496 momentarily during the day. At the time of writing, the altcoin was trading at $1.017 as per CMC data.
Furthermore, the Sui network, on September 11 announced new updates to its ecosystem. The network introduced streamlining transactions in its blockchain with a shared Object Congestion Control. This allows the network to enhance its blockchain’s transaction speed by streamlining and improving its checkpoint efficiency.
What Lies Ahead For SUI Price?
According to TradingView data, SUI’s weekly price performance stands at 25.78%. In the middle of the week, the token made attempts to overpower the bears but was unsuccessful. However, in the past few hours, the token appears to have sustained current positive momentum.
Additionally, the token’s short-term 9-day MA crossed the long-term 21-day MA indicating the bullish trend. This positive price momentum is reflected in the token being in the overbought zone. Its RSI currently stands at 64.35 as per its Daily price chart.
Moreover, if SUI sustains the bullish turn it might face resistance at $1.0436. However, if the altcoin allows a bearish comeback then it might fall to the support levels of $0.7798 and $0.7589.
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