Key Highlights
- SUI price has surged above 3.5% on a daily chart, soaring to $1 with a market capitalization of $3.93 billion
- Recent integrations like Alkimi adopting Sui for ad fraud prevention in the $100 billion advertising market are boosting the cryptocurrency’s price
- RSI is revolving around 50-60, with price holding at approximately $0.95 above the 50-day
On March 13, SUI (SUI) price jumped by 3.51%, soaring to $1 with a market capitalization of $3.93 billion. According to CoinMarketCap, the daily trading volume also jumped by 85%, reaching around $799.35 million.
SUI Price Breakouts Above $1 Psychological Mark
This upward momentum is working as a breakout from recent consolidation around $0.95 to $0.99, which soars to the $1 psychological level amid improving market sentiment. The overall market is showing an impressive recovery in the last few hours.
The surge comes after weeks of sideways action after a March token unlock of 64 million SUI tokens, which took place around early March. That event initially added supply pressure and kept prices below $1. But buyers stepped in aggressively and started absorbing this pressure without a major dip.
Apart from this, the crypto market has witnessed a recovery, which is coming from steady U.S. inflation data. Apart from this, February 2.4% boosting Federal Reserve rate cut odds, and eased extreme fears on the Fear and Greed Index, which rose to 34 after facing recent lows. It has provided a small boost for altcoins like SUI.
Apart from this, SUI is also expanding its ecosystem in major collaborations. On March 12, Alkimi, an AdFi platform, announced the adoption of SUI for ad transparency to counter fraud in the over $100 billion online advertising market. This integration will open the door for new use cases for the enterprise.
Sui’s partnership with Kriya Finance will also integrate real-world assets, such as private credit and treasury bills, into DeFi. This would enhance liquidity and yield strategies through upgrades like DeepBook V3. The native stablecoin USDsui, launched on March 4 via Bridge and Stripe, is expected to provide Treasury yields linked back to the ecosystem through buybacks and DeFi deployment. This might boost token demand.
What the Technical Indicators Say
The Relative Strength Index, or RSI, is hovering around 50 to 60 on the 14-day chart. It is revolving around 50 to 60 on the 14-day chart. RSI measures momentum like a speedometer. At this level, it is showing mostly neutral but still shows bullish signs. It is not an overbought zone. This creates room for more upside without immediate exhaustion.
Similarly, its short-term moving averages of the 50-day moving average are revolving around $0.95 to $0.98. This level is acting as strong support that buyers defended during the recent drop. The longer 200-day moving average trends upward, which confirms the sharp recovery. If SUI price breaks above $1, it could go for another major rally.
At its Fibonacci levels from the recent low around $0.94, SUI price has soared to the 23.6% to 38.3% Fibonacci retracement zone. If it’s clear, the next level, around $1.05 to $1.10, could target $1.15 to $1.34, which is the 50% Fibonacci level. This might create a surge of 20% to 30% move from current levels.
This upward momentum in the SUI is not only fueled by these events, as the entire crypto market is currently following an upward direction. Zcash has also gained some value before facing a small correction on Friday.
FXEmpire mentioned that the $1 breakout can spark a major momentum in the cryptocurrency. It can target a 34% gain to $1.34 if volume holds.
Apart from this, analysts at MEXC like Tony Kim and Iris Coleman mentioned in the forecast that if resistance breaks above $1.05, it would reach $1.10 to $1.15 by mid-March, with support at $0.97.
Also Read: Dogecoin Hits $0.1 Mark As Volume Surges & Market Sentiments Improve
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