Sui Crypto Reclaims $1 Mark, Can It Continue to Rise Above $1 or Fail?

Bitcoin reclaimed above the $60K mark, sparking optimism in the altcoins. The global markets headed higher after the Fed Interest rate decision

Bitcoin’s recent climb above the $60K mark has instilled optimism within the altcoin realm, leading to a remarkable 20% surge in the price of Sui crypto.

This surge has been further bolstered by a significant inflow of buyers, as evidenced by an over 50% increase in open interest contracts on a daily basis.

The strong buying pressure is also reflected in a 145% increase in transaction volume, which now stands at $450.8 Million.

Sui price marked the end of a correction phase with the recent price surge, as the bulls managed to reclaim the $1 level.

Moreover, Sui price faced strong resistance at $1 after a recovery in mid-August but stabilized above the 50-day EMA.

The transaction volume noted a growth of 145% to $450.8 Million, highlighting a strong demand in the market.

Sui’s price potential now targets the $1.25 level, supported by the volume to market cap ratio at 17.05%, which indicates high volatility in the crypto.

Sui price began a recovery in the second week of August after observing a sharp crash in the last week of July. The bulls faced strong resistance near the psychological $1 level.

However, the bulls established their presence near the 50-day exponential moving average, after which Sui stabilized at the highs.

A strong upward push on the higher side has validated a bullish reversal. It unlocked the price potential towards the next major $1.25 level.

When writing, the RSI line was close to 63.9 points, and the 14-day SMA line was at 57.54 points.

The RSI and SMA lines were placed above the mean line, indicating the price hovering in positive territory.