SUI Coin Price Breaks To the Upside, As FOMO Sentiment Grips Altcoins

Summary:
• Sui price had been trading sideways for the last six days, and the breakout signifies its rising demand as utility grows.

SUI price broke out to the upside on Tuesday ending its six days of sideways trading. The coin was up by 7.3 percent as of press time, having eased down from a two-week high of $3.74. The breakout is timely, as it restores SUI in the current altoin market rally, thereby positioning it among potential beneficiaries of the prevailing FOMO sentiment.

Sui, is a Layer 1 blockchain optimised for scalability, speed and low transaction costs, including within smart contract ecosystems. This has ascribed it utility in an ecosystem where investors are increasingly moving away from hype-fueled assets.

However, the momentum on SUI price uptrend is relatively weak, as the low ADX indicator reading of 21 signals. Therefore, it might take another green candlestick on the daily chart to confirm the uptrend.

Meanwhile, the Sui blockchain ecosystem continues to be among the best performers in the DeFi ecosystem. The chain’s Total Value Locked rose by 11.4 percent in the last week to $1.52 billion. This signals rising demand for SUI, which is good for its upside. However, the coin’s traded volume has risen in the last 24 hours amidst a price upsurge. This signals that the momentum is strengthening and the bulls are taking more control.

SUI Price Prediction

The momentum on SUI price calls for further upside above the $3.62 pivot mark. With the buyers in control, initial resistance is likely to be at $3.75. However, an extended control by the buyers could breach that mark and test the second barrier at $3.80.

On the other hand, the sellers could take control if the price moves below $3.62. That will likely see the establishment of the first support at $3.55. A stronger bearish momentum could break below that mark and invalidate the upside narrative. Meanwhile, the downside could extend and test $3.45.