SUI continued its recovery towards its all-time high and was up over 10% in the past 24 hours backed by ecosystem growth.
Sui (SUI) rebounded after remaining in a downtrend for four days as its price rose from $1.62 to $2.08 bringing its market cap to $5.7 million. Heightened investor activity drove its trading volume up 35% to $1.76 billion on Oct. 30, after more than doubling on Oct. 29 from the previous day.
Mainly driving the recent rally was excitement around the launch of a Major League Soccer-themed NFT collectibles platform called MLS Quest on Sui in partnership with crypto startup Sweet. The platform allows MLS fans to collect digital medallions based on highlights from real-world league matches and earn rewards.
Net inflows into SUI surged following the MLS partnership, reaching the highest among all chains on Oct. 29 according to community member ToreroRomero, further solidifying the momentum of the rally.
CoinGlass data reveals that open interest in the SUI futures market has climbed 13.5%, from $450 million to $511 million over the past four days. A rise in open interest, particularly alongside increased trading volume, generally indicates heightened trader activity and suggests that the market is expecting more upside.
However, on the 1-day SUI/USDT chart, the Relative Strength Index is close to the neutral level at 57. Meanwhile, the Average Directional Index sits at 28, which indicates moderate trend strength, although its recent drop suggests the trend might be losing steam. Considering both these indicators SUI could be seeing some sideways movement in the short term.
SUI forms a cup and handle pattern
Yet, one analyst predicts that SUI could reach as high as $6.9 in the coming months.
In an Oct. 28 post on X, analyst Alex Grey observed that Sui had successfully broken above the neckline of a Cup and Handle pattern, a widely recognized bullish indicator in technical analysis.
According to Grey, SUI is now in a positive retest phase, which strengthens the likelihood of continued gains. He has set an initial target at $6.9 up 235% from its current price level, which marks the handle’s breakout level. If bullish momentum persists, the price could further ascend to the Cup and Handle pattern’s full target of $9.6.
At press time, SUI was down 12% from its all-time high of $2.35 hit earlier this month.