SUI price has been steadily increasing as the market’s interest level increases, both in spot and derivative markets. This is partly due to the fact that the platform has recently undergone a big change designed to eliminate any gas fees required to conduct transactions involving stablecoins, thus simplifying user payment methods. Besides improving its technical infrastructure, this is among the positive trends boosting its outlook in the short run.
At the time of writing, the SUI is trading at $1.14, marking a 6.50% gain over the last 24 hours. The SUI price action is supported by solid market activity, with trading volume reaching $1.29 billion and its market cap standing at $4.44 billion. This shows consistent attention from both spot and derivatives markets as momentum builds around the asset.
Source: CoinMarketCap
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SUI Price Gains After Major Upgrade
Analyst Ted noted the big change happening in the SUI ecosystem, the elimination of an important restriction on using cryptocurrencies. The transfer of stablecoins will be carried out for free, meaning that users can conduct transactions on the SUI platform without owning any tokens.
Source: Ted’s X Post
Looking at the charts from a technical perspective, the SUI price has been able to rise back above its 20-day SMA, while RSI is continuing to climb. This indicates the presence of buying pressure in the existing setup. Provided the SUI price is supported between $1.05 to $1.07, it can potentially move higher once again.
SUI Price Momentum Builds Stronger
There is evidence that participation levels are improving in the market. Open interest is up 5.50% to $731.01 million, and the volume of trades has shot up to $1.40 billion, representing an increase of 91.87%. Such an increase usually coincides with a rise in momentum in the movement of the SUI price.
Source: Coinglass
Additionally, there is evidence from funding figures supporting the slightly optimistic stance. The OI weighted funding level now stands at 0.0032%, indicating a slight bias towards longs. This demonstrates sustained faith in the near-term movement of the SUI price.
Source: Coinglass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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