Sui Price Takes A Strong Leap Amid Increased User Engagement
Sui Price Takes A Strong Leap Amid Increased User Engagement
Meta Description: Sui price took a strong leap in intraday today and reclaimed the psychological $1 level
The social Metrics have surged to three months high indicating an increased user engagement.
At the time of writing, Sui price was trading close to $1.02 indicating a strong rise of over 17% a day.
Sui price took a strong leap in intraday today and reclaimed the psychological $1 level. The bulls domination may be clearly observed in the recent sessions as the price has nearly doubled in just a matter of one week.
The recent sessions have seen unprecedented growth in the price of SUI, rising nearly 100% in a week. Moreover, few analysts are correlating this impressive price jump with two major factors: increased user engagement and Greyscale's launch of a new fund for Sui and Bittensor.
On top of all the reasons, Sui price has successfully made a breakout of a long three month correction phase. The price has surpassed the 200 day Exponential moving average indicating a bullish reversal on the charts.
Social Sentiment On the Rise
As per the data obtained from a financial website app.santiement.net, there has been a robust growth in the social metrics like social dominance and social volume indicating a strong user engagement.
<iframe title="Santiment Chart: Social Dominance (SUI), Social Volume (SUI)" width="800" height="425" src="embed.santiment.net/chart?ps=sui&pt=SUI&df=2024-08-04T18:30:01.688Z&dt=2024-08-12T18:29:59.688Z&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1h"};{"interval":"1h"}" scrolling="no"></iframe>
Source: app.santiment.net
The social dominance as well as the social volume have surged to a three month high value indicating a significant growth. Also, the social metrics curve reflects the level of user engagement and shows how much the crypto is talked about, valued, and sought after by the community.
Furthermore, Few analysts also are correlating the recent price surge in SUI with Greayscale's announcement of an investment fund for SUI and Bittensor.
Grayscale recently announced new investment trusts for SUI and Bittensor (TAO). This announcement sparked a buying frenzy, significantly impacting SUI price by almost 100% a week. The price has surged all the way from $0.5 to CMP 1.04 in a week.
Sui Crypto Technical Analysis
From a technical standpoint Sui price has surpassed all the key exponential moving averages of 20, 50 and 200 days suggesting a bullish reversal on the charts. The key EMAs may now act as a dynamic support for the crypto. The daily chart marks a breakout of a three month long correction phase.
On the higher side, the price may look for more gains if it manages to surpass the $1.145 level which is acting as the recent supply zone. On a sustained breakout, the short term traders and investors may expect a 25 to 30% growth on the higher side.
At the time of writing, the Relative strength index line was placed at 68 points and that of the 14 day SMA line was placed close to 43.6 points. Both the lines were headed higher. Also, a bullish crossover between the RSI and SMA line indicates a trend continuation.
Sui price made a strong rebound from the lows reclaiming the $1 level and nearly doubling in a week. Social metrics like dominance and volume have hit a three-month high, indicating strong user engagement. Analysts link this surge to Grayscale's new investment fund for SUI and Bittensor.
From a technical point of view, Sui has surpassed the 20, 50, and 200-day EMAs, suggesting a bullish reversal. A breakout from a three-month correction phase was noted, with potential gains if it surpasses $1.145. The RSI was at 68, and the 14-day SMA was at 43.6 indicating a bullish trend continuation.
Meta Description: Sui price took a strong leap in intraday today and reclaimed the psychological $1 level
The social Metrics have surged to three months high indicating an increased user engagement.
At the time of writing, Sui price was trading close to $1.02 indicating a strong rise of over 17% a day.
Sui price took a strong leap in intraday today and reclaimed the psychological $1 level. The bulls domination may be clearly observed in the recent sessions as the price has nearly doubled in just a matter of one week.
The recent sessions have seen unprecedented growth in the price of SUI, rising nearly 100% in a week. Moreover, few analysts are correlating this impressive price jump with two major factors: increased user engagement and Greyscale's launch of a new fund for Sui and Bittensor.
On top of all the reasons, Sui price has successfully made a breakout of a long three month correction phase. The price has surpassed the 200 day Exponential moving average indicating a bullish reversal on the charts.
Social Sentiment On the Rise
As per the data obtained from a financial website app.santiement.net, there has been a robust growth in the social metrics like social dominance and social volume indicating a strong user engagement.
<iframe title="Santiment Chart: Social Dominance (SUI), Social Volume (SUI)" width="800" height="425" src="embed.santiment.net/chart?ps=sui&pt=SUI&df=2024-08-04T18:30:01.688Z&dt=2024-08-12T18:29:59.688Z&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1h"};{"interval":"1h"}" scrolling="no"></iframe>
Source: app.santiment.net
The social dominance as well as the social volume have surged to a three month high value indicating a significant growth. Also, the social metrics curve reflects the level of user engagement and shows how much the crypto is talked about, valued, and sought after by the community.
Furthermore, Few analysts also are correlating the recent price surge in SUI with Greayscale's announcement of an investment fund for SUI and Bittensor.
Grayscale recently announced new investment trusts for SUI and Bittensor (TAO). This announcement sparked a buying frenzy, significantly impacting SUI price by almost 100% a week. The price has surged all the way from $0.5 to CMP 1.04 in a week.
Sui Crypto Technical Analysis
From a technical standpoint Sui price has surpassed all the key exponential moving averages of 20, 50 and 200 days suggesting a bullish reversal on the charts. The key EMAs may now act as a dynamic support for the crypto. The daily chart marks a breakout of a three month long correction phase.
On the higher side, the price may look for more gains if it manages to surpass the $1.145 level which is acting as the recent supply zone. On a sustained breakout, the short term traders and investors may expect a 25 to 30% growth on the higher side.
At the time of writing, the Relative strength index line was placed at 68 points and that of the 14 day SMA line was placed close to 43.6 points. Both the lines were headed higher. Also, a bullish crossover between the RSI and SMA line indicates a trend continuation.
Sui price made a strong rebound from the lows reclaiming the $1 level and nearly doubling in a week. Social metrics like dominance and volume have hit a three-month high, indicating strong user engagement. Analysts link this surge to Grayscale's new investment fund for SUI and Bittensor.
From a technical point of view, Sui has surpassed the 20, 50, and 200-day EMAs, suggesting a bullish reversal. A breakout from a three-month correction phase was noted, with potential gains if it surpasses $1.145. The RSI was at 68, and the 14-day SMA was at 43.6 indicating a bullish trend continuation.
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