Sui Token Price Rally Continues On FOMO Sentiment

Summary:
• Sui token price has risen by more than 40 percent in the last two days, creating a strong bullish momentum that could sustain extensive gains.

SUI token price extended its upside on Friday, riding on Thursday’s massive spike to trade at 18-day highs of 0.087, after gaining 2.2 percent at press time. SUI skyrocketed by 38.1 percent on Thursday, driven by the positive sentiment following Grayscale’s inclusion of the token in its crypto investment trust. Furthermore, that happened on a day when the larger crypto market entered recovery mode, as fears of economic recession dissipated.

Grayscale introduced the Grayscale Sui Trust and Grayscale Bittensor Trust to its list of products, adding to similar products introduced earlier, including Solana, Litecoin, Stellar, Zcash, Stacks, Chainlink, Near,  Decentralized, among others. That is expected to increase Sui token’s exposure to institutional and retail clients, which could boost the price.

The underlying bullish momentum has seen SUI token price gain more than 40 percent in the last two days, and could bring more inflows if Fear Of Missing Out (FOMO) sentiment carries into the weekend.

Sui price momentum indicators

The 2-hour chart below shows us that the SUI price momentum has traded above the upper Bollinger Band multiple times. However, it has recently been rejected at that level. Nonetheless, the upside momentum looks likely to prevail, as it is still at a significantly higher level than the middle band, which corresponds to $0.756. Therefore, that mark could serve as a key support level. Meanwhile, the RSI is at 81, which adds support to the bullish view. That said, the RSI is above the overbought threshold, which is a warning sign of the potential weakening of the buyers’ grip in the near term.

Support and resistance levels

The 30-minute Sui price chart favours the buyers to maintain their control above the 0.845 pivot mark. With that momentum, the next resistance could come at 0.878. However, that mark could be broken if the buyers extend their control, which could generate a stronger upward momentum to test 0.900. On the other hand, the sellers could take control if SUIUSD breaks below 0.845. That could see the establishment of the first support at 0.803. However, stronger control by the sellers at that point could build a stronger downward momentum to breach that level, thereby invalidating the upside narrative and potentially taking SUI lower to test 0.775.