Based

bullish

Future

View

<p>Sui (SUI) has <a href="https://coinpedia.org/price-prediction/sui-price-prediction/" target="_blank" rel="noreferrer noopener">experienced a notable price surge</a> in this struggling cryptocurrency market, resulting in a strong resistance breakout of $1.16. Following this breakout, the sentiment for SUI has turned bullish but it appears that a potential rate cut could spoil this positive sentiment.</p>   
<h2 class="wp-block-heading" id="h-sui-price-momentum-nbsp"><strong>SUI Price Momentum&nbsp;</strong></h2>   
<p>On September 18, 2024, SUI initially experienced a notable price surge of over 7%. However, as we come near to the potential Fed rate cut decision, SUI has lost all its gains.</p>   
<p>At press time SUI is trading near $1.17 and has experienced a price surge of over 1.5% in the last 24 hours. Besides this, it reached the $1.222 level during the Asian Trading hours but has been continuously falling since then.</p>   
<p>During the same period, SUI’s trading volume dropped by 10%, indicating lower participation from traders and investors due to the potential upcoming rate cut in the United States.</p>   
<h2 class="wp-block-heading" id="h-sui-technical-analysis-and-upcoming-level"><strong>SUI Technical Analysis and Upcoming Level</strong></h2>   
<p>According to expert technical analysis, despite the strong breakout of the $1.16 level, SUI appears weak and may fall in the coming hours or days due to the lower interest from investors and traders. However, SUI is trading above the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA), which indicates it is still in an uptrend.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/18214855/SUIUSD_2024-09-18_21-48-10.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/18214855/SUIUSD_2024-09-18_21-48-10-1024x449.png" alt="" class="wp-image-352324"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on the historical price momentum, there is a strong possibility that SUI price could soar by 20% to the $1.42 level in the coming days. However, this will only happen if SUI closes a daily candle above the $1.20 level, otherwise, it may struggle to reach the $1.40 level.</p>   
<h3 class="wp-block-heading" id="h-decline-in-future-open-interest-nbsp"><strong>Decline in Future Open Interest&nbsp;</strong></h3>   
<p>Currently, SUI’s on-chain metric is flashing a bearish signal. According to the on-chain analytic firm <a href="https://www.coinglass.com/currencies/SUI" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, SUI’s Future open interest has dropped by 5.5% over the past 24 hours, indicating weakening interest from investors and traders, potentially due to upcoming events.</p>   
<p>Also Check Out: <a href="https://coinpedia.org/news/solana-chapter-2-will-major-announcements-spark-a-sol-price-surge/" target="_blank" rel="noreferrer noopener">Solana Chapter 2: Will Major Announcements Spark a SOL Price Surge?</a></p>

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