Sui Price Hits New All-Time High, Backed by Historic $2 Billion Volume

Sui’s (SUI) price hit a new all-time high of $2.37 today. This milestone coincides with the rise in SUI’s volume, which soared to $2 billion for the first time ever. 

Coinciding with Donald Trump’s recent win in the U.S. presidential election, it initially fell short of breaking the record. In this analysis, BeInCrypto explains how SUI may soon rise much higher than its current value.

Sui Sees Record High on This Front

On November 6, Santiment data showed that Sui’s volume rallied to $2 billion. This increase, as seen above, was the first time the altcoin’s volume had hit this level since it launched publicly in May 2023.

In cryptocurrency, the trading volume represents the overall demand for a particular asset, highlighting the level of interest and engagement from investors. Thus, the volume increase signals a surge in interest and engagement with the token, which led the token to hit a new all-time high of $2.36.

From a price perspective, rising volume followed by an uptrend suggests that price might continue to rise. Interestingly, should SUI’s price, which has increased by 14% within the last seven days, continue to rise, then the volume could push it higher.

Read more: Everything You Need to Know About the Sui Blockchain

Sui On-Chain Volume. Source: Santiment

Alongside Sui’s volume spike, traders remain optimistic that the token’s price could rise further despite recent setbacks.

According to Coinglass, the Long/Short ratio has risen to 1.09, signaling a shift in investor sentiment. A ratio below 1 typically indicates more long positions than shorts, suggesting expectations for a price decline. 

However, with 52% of traders holding long positions and nearly 48% taking short positions, this ratio indicates that the majority of traders are bullish on SUI’s price performance.

Sui Long/Short Ratio. Source: Coinglass

Furthermore, some traders are bullish on SUI’s long-term prospects, expecting it to reach double digits. Notably, pseudonymous trader Crypto Doc has expressed confidence, predicting that SUI could eventually hit $10.

“Lot of hype around SUI. Expecting this to make somewhere around 10$ in the Long Term. With token unlocks and everything on the corner, I feel this is a safe target.” Crypto Doc wrote on X.

SUI Price Prediction: Higher Highs

On the daily chart, the altcoin has climbed above the 20-day and 50-day Exponential Moving Averages (EMAs). The EMAs measure trends by measuring price changes over a period of time.

When the indicator is above the price, the trend is bearish. However, since it is below it, SUI’s trend could continue to rise. In this scenario, SUI’s price could climb above $2.39, its new all-time high, and rise above $3.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

Sui Daily Analysis. Source: TradingView

However, if profit-taking rises, this prediction could be invalidated. If that happens, the altcoin might drop to $1.93.