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Sui (SUI) Price: Technical Breakout Sets $3.89 Target Following 11.3% Daily Gain
The cryptocurrency market has seen a sudden surge in price, with Sui (SUI) taking the lead by breaking out of an inverse head-and-shoulders pattern and setting a target of $3.89 following an impressive 11.3% daily gain.
Following a hacking incident two months ago, it appears that users are regaining confidence in the ecosystem, as DeFi transactions reached $281 million in just the last 24 hours. The strong activity is also reflected in total value locked on the platform, which has exceeded $2.6 billion, further solidifying Sui’s competitive advantages over other blockchains.
As a result of this increased interest and buying pressure, the cryptocurrency surged 11.3% to $3.41, breaking above key moving averages. The report by Grayscale highlights these competitive advantages, noting that several SUI developers are former Facebook engineers, adding credibility to the project’s technical roadmap.
The Stochastic RSI has moved into overbought territory with values over 90, indicating short-term caution but also reflecting strong buyer dominance in the market. The MACD shows a confirmed bullish crossover, further supporting the idea of a continued upward trend.
In light of these indicators, if buyers maintain the price above the 50-day simple moving average, SUI could climb to $3.55.
Source: blockonomi.com
