SUI continued its recovery towards its all-time high, experiencing a significant increase of over 10% in the past 24 hours, driven by ecosystem growth.

Sui’s Recent Price Surge

The price of Sui rebounded after a four-day downtrend, rising from $1.62 to $2.08, which brought its market cap to $5.7 million. This surge in investor activity also boosted its trading volume by 35%, reaching $1.76 billion on October 30, following a more than double increase on October 29 from the previous day.

Factors Behind the Rally

The primary driver of this recent rally was the excitement surrounding the launch of a Major League Soccer-themed NFT collectibles platform called MLS Quest on Sui, in partnership with the crypto startup Sweet. This platform allows MLS fans to collect digital medallions based on real-world league match highlights and earn rewards.

Net inflows into SUI surged following the MLS partnership, reaching the highest among all chains on October 29, according to community member ToreroRomero, which further solidified the momentum of the rally.

“@SUINETWORK HITS HIGHEST NET INFLOWS AMONG ALL CHAINS. $SUI” — ToreroRomero

Market Insights

Data reveals that open interest in the SUI futures market has climbed 13.5%, from $450 million to $511 million over the past four days. A rise in open interest, particularly alongside increased trading volume, generally indicates heightened trader activity and suggests that the market is expecting more upside.

However, on the 1-day SUI/USDT chart, the Relative Strength Index (RSI) is close to the neutral level at 57. Meanwhile, the Average Directional Index (ADX) sits at 28, which indicates moderate trend strength, although its recent drop suggests the trend might be losing steam. Considering both these indicators, SUI could be seeing some sideways movement in the short term.

Technical Analysis

One analyst predicts that SUI could reach as high as $6.9 in the coming months. In an October 28 post, analyst Alex Grey observed that Sui had successfully broken above the neckline of a Cup and Handle pattern, a widely recognized bullish indicator in technical analysis.

According to Grey, SUI is now in a positive retest phase, which strengthens the likelihood of continued gains. He has set an initial target at $6.9, up 235% from its current price level, which marks the handle’s breakout level. If bullish momentum persists, the price could further ascend to the Cup and Handle pattern’s full target of $9.6.

At press time, SUI was down 12% from its all-time high of $2.35 hit earlier this month.

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