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SUI Price Eyes $3.30 as RSI Nears Overbought, What’s Next?
In a shocking turn of events, the Sui token has witnessed an astonishing 9.58% surge in the past 24 hours, fueled by bullish macro news and explosive on-chain fundamentals. As of press time, SUI is priced at $3.02, with many traders anticipating a potential test of $3.30.
SEC Approval Bolsters Sentiment
The primary catalyst for this price explosion can be attributed to the SEC’s approval of a Grayscale ETF that includes leading assets such as BTC, ETH, SOL, XRP, and ADA. This monumental development has lifted sentiment across the Layer-1 space, including SUI. The token has emerged as one of the top gainers today, capitalizing on this newfound optimism.
On-Chain Fundamentals
The Sui network recently processed $27.3 billion in token volume for June, signaling significant ecosystem growth and dApp usage. This surge in activity is a testament to the platform’s growing traction, which could continue to fuel price appreciation.
RSI Nears Overbought Territory
Technically speaking, the Relative Strength Index (RSI) has reached 68.6, indicating that SUI is nearing overbought territory. As the token approaches this critical zone, it becomes increasingly essential for traders to assess their positions and prepare for potential consolidation or a minor pullback.
Short-Term Analysis
The 4-hour chart reveals a breakout from key resistance zones, with SUI trading above both the 20-day Bollinger Band midline and the lower band. This development suggests that buyers are firmly in control, with the token poised to test $3.30 if support can be maintained.
Key Support and Resistance Levels
Resistance: $3.20-$3.30
Support: $2.9847 & $2.84
Conclusion
As SUI eyes a potential break above $3.30, investors should be cautious of the impending RSI overbought zone. Traders must carefully consider their entry points and risk management strategies to avoid any potential losses in this highly volatile market.
Source: coinpedia.org
