Bitcoin

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Bitcoin reclaimed above the $60K mark, sparking optimism in the altcoins. The global markets headed higher after the Fed Interest rate decision, with Bitcoin rising by over 5% yesterday. 
A strong surge in Bitcoin’s price unlocked the higher levels for&nbsp;Sui price. In tandem with the broader market’s rise, the Sui price jumped over 20% yesterday, beating many other altcoins. 
Sui&nbsp;was exchanging hands for close to $1.01 at the time of writing. It recorded a swift 0.02% positive development intraday. Let’s analyze whether Sui would continue to perform in the short term and emerge as a good pick for September. 
<h2 class="wp-block-heading" id="h-sui-inflow-rises-by-50-a-day">SUI Inflow Rises By 50% A Day</h2> 
Along with the recent price surge,&nbsp;Sui&nbsp;has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment. <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (SEI), Price (SEI)" width="800" height="425" src="https://embed.santiment.net/chart?ps=sei&amp;pt=SEI&amp;df=2024-08-16T18%3A30%3A01.878Z&amp;dt=2024-08-24T18%3A29%3A59.878Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
Along with the recent price surge,&nbsp;Sui&nbsp;has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment. 
Per the Santiment, the Open interest contracts noted a growth of over 50% a day, indicating a buyer’s comeback. The OI data surged from $40 Million yesterday to over $62 Million. 
Moreover, the transaction volume has noted a growth of over 145% to $450.8 Million, indicating a heightened demand. The volume to market cap ratio at 17.05% suggests high volatility in the crypto. 
<h2 class="wp-block-heading" id="h-can-sui-price-continue-to-rise-above-1-or-fail">Can Sui Price Continue To Rise Above $1 or Fail?</h2> 
Earlier, the&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/sui/">Sui price</a>&nbsp;initiated a recovery in the second week of August after noting a strong crash in the last week of July. However, the bulls faced strong resistance near the psychological $1 level.  
<a href="https://in.tradingview.com/chart/SUIUSD/7KFq5Dyy-Can-a-20-Million-Influx-Spark-Optimism-for-Sui-Cryptocurrency/"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> <a href="https://in.tradingview.com/"> </a>  
However, the bulls established their presence near the 50-day exponential moving average, after which&nbsp;Sui&nbsp;stabilized at the highs. A strong upward push on the higher side has validated a bullish reversal. It unlocked the price potential towards the next major $1.25 level. 
When writing, the RSI line was close to 63.9 points, and the 14-day SMA line was at 57.54 points. The RSI and SMA lines were placed above the mean line, indicating the price hovering in positive territory. 
Bitcoin’s rise above $60K has sparked optimism in altcoins, with&nbsp;Sui crypto&nbsp;jumping over 20%. Along with the recent surge, Sui has reclaimed the $1 level. 
Moreover, the recent surge marks the end of a correction phase, supported by significant inflows in the derivatives segment. Open interest contracts grew over 50%, indicating a buyer comeback. 
Furthermore, Sui faced resistance at $1 after a recovery in mid-August but stabilized above the 50-day EMA. The RSI and SMA lines were placed above the mean line, suggesting positive momentum. Sui’s price potential now targets the $1.25 level. 
The post <a href="https://www.thecoinrepublic.com/2024/08/26/can-a-20-million-influx-spark-optimism-for-sui-price/">Can a $20 Million Influx Spark Optimism for SUI Price</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Can a $20 Million Influx Spark Optimism for SUI Price

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