Sui: New Fartcoin? SUI Sees All-Time High in Low-Volume Area
Sui: New Fartcoin? SUI Sees All-Time High in Low-Volume Area
Key Points: SUI has surged for five consecutive days after a bullish breakthrough with significant volumes.
SUI might reach $5 in low-volume places as bulls advance.
As momentum signs overheat, a correction is likely.
Within 24 hours, SUI has risen 13.6% and trade volumes have risen to $3.75 billion, accounting for roughly a third of its market worth.
FOMO may have arrived since SUI is called a “Solana killer.”
Grayscale’s SUI Trust launch two days ago may have accelerated the rise beyond other tokens’ usual levels.
The investment vehicle has just $10 million in holdings since its establishment, therefore billions have not flooded into SUI in two days.
What’s driving the rally? Maybe some FOMO and a big response to a little development.
SUI is a utility token that powers the Sui network, but its current spike parallels that of Fartcoin (FARTCOIN), the Solana-based humor coin that has defied the market in the last two weeks after posting triple-digit gains while the market tanked.
SUI Could Hit $5
SUI has risen five days straight, including today’s significant rise. Strong trade volumes and a breach above the token’s 21-day exponentially moving average (EMA) drove the rise.
SUI has removed itself substantially from its point point of control (POC), implying that when it goes higher, it will reach regions with less bear resistance due to fewer trading volumes throughout the year.
In a recent piece, we noted that a break over $3.5 might lead to SUI’s record-breaking high of $5.35.
From April 19 to April 22, Sui’s daily transactions jumped 63.6% while Solana’s grew 8.5%.
RSI has reached overbought levels, while MACD’s histogram has been rising for five days.
After exiting overbought territory, the RSI has fallen below the signal line, but a sharp slide below $3.5 would confirm a negative short-term view.
