Sui (SUI) has reached a new all-time high of $2.37, driven by a surge in trading volume. For the first time since its public launch in May 2023, Sui’s daily trading volume hit a significant milestone of $2 billion.
This increased activity indicates growing interest and engagement from investors, suggesting that Sui’s upward trend might continue.
Rising Volume Boosts SUI Price
On November 6, data from Santiment revealed Sui’s trading volume hitting $2 billion, reflecting heightened interest in the altcoin. In the cryptocurrency world, a spike in trading volume often points to growing demand, adding credibility to recent price gains. Sui has risen by 14% in the last seven days, and if demand keeps climbing, the volume surge could propel its price even higher.
Positive Sentiment Fuels Bullish Outlook
According to Coinglass, Sui’s Long/Short ratio has climbed to 1.09, indicating a shift toward more bullish sentiment. With 52% of traders holding long positions, there’s optimism that Sui’s value could continue to rise. Some traders, including pseudonymous trader Crypto Doc, are especially optimistic, expecting Sui to eventually reach double digits, with a target as high as $10.
SUI Price Prediction: Is $3 Within Reach?
Currently, Sui’s price has broken above its 20-day and 50-day Exponential Moving Averages (EMAs), which measure price trends over time. Since Sui’s price is above these averages, the current trend appears bullish, indicating potential for further gains. Should the momentum continue, Sui could break through its recent high of $2.39 and even approach the $3 mark.
However, this outlook could shift if profit-taking increases. In that case, Sui’s price might retrace to $1.93.
