The altcoin SUI has been drawing attention since the beginning of the year with its outstanding performance. Analysts predict that this growth trajectory will continue in the coming days and weeks. With increased adoption, rise in total value locked (TVL) within the network, and heightened institutional interest, forecasts suggest that the altcoin’s price could reach $5, $10, or even higher in the coming months. SUI briefly surpassed the $5 mark earlier this year, but after aggressive selling pressure, it experienced a more than 65% decline. Buyers intervened, and the coin has rebounded, currently trading at $3.07, marking a 2.9% rise in the last 24 hours.
SUI’s Technical Analysis and Short-term Expectations
At present, the technical indicators for SUI show mixed signals. Most of the moving averages still point towards a bearish trend. The Relative Strength Index (RSI) is at about 41, suggesting a weakening momentum. The MACD indicator also signals a slowdown in bullish momentum.
Altcoin SUI
Key price levels have been identified for the coming days. If the price of SUI coin closes above $3.10, it could rise to $3.50 within the week. Surpassing this resistance might initiate a more robust upward movement. However, if the altcoin’s price falls below $3.00, there’s a risk of increased selling pressure and further losses. It is anticipated that SUI will end the month of June within the $3.80 – $4.00 range, after a stagnant beginning.
Adoption and Institutional Interest Bolster Altcoin
The SUI network currently ranks 8th among all Blockchain networks in terms of TVL. This growth is largely driven by the pioneering lending protocol, Suilend, which saw its TVL soar by 90% to $700 million in just a month. This protocol is significantly contributing to the growth of SUI coin.
Over 10% of SUI’s TVL comprises assets related to Bitcoin (BTC) $107,227 , providing the network with cross-Blockchain functionality that attracts new users and liquidity. Institutional interest continues to rise, with various financial firms applying for a SUI ETF (Exchange-Traded Fund). Together, these factors suggest that the altcoin might soon reach a new all-time high. Analysts foresee SUI becoming a major player in the next bull market.
