SUI crypto jumps 30% in 24 hours: Is $1.17 on the cards?

• SUI’s Open Interest jumped by 80%, signaling bullish sentiment.
• There is a high chance that SUI could soar a further 30% to the $1.175 level in coming days.

On the 9th of August 2024, top assets such as Bitcoin [BTC]

Amid this uptrend, Sui [SUI] was gathering massive attention from the crypto community following its significant price surge in the last 24 hours.

SUI crypto jumps by 30%

At press time, SUI was trading at nearly $0.84, having experienced a price surge of over 30% in the last 24 hours. Its trading volume skyrocketed by 60% during the same period.

This significant increase in trading volume indicated higher participation from traders.

However, the potential reason behind SUI’s remarkable performance is the current market sentiment and the involvement of asset manager giant Grayscale.

On the 7th of August 2024, Grayscale announced in a post on X (previously Twitter) that they had added Sui to their investment product. 

Following this announcement, SUI crypto skyrocketed by 50%, and there is also a possibility it will surge more in the coming days.

Currently, investors’ and whales’ sentiments are quite bullish on SUI, resulting in Open Interest (OI) soaring by 80% in the last 24 hours, according to an on-chain analytic firm Coinglass.

Upcoming levels 

According to AMBCrypto’s technical analysis, during the price surge, SUI recently broke out of a crucial inclined trendline, and was experiencing resistance near the $0.88 horizontal level at press time.

Source: TradingView

Looking at this sentiment and the recent development, there is a high chance that SUI will give a breakout of this horizontal level. Additionally, it could soar a further 30% to the $1.175 level in the coming days.

Major liquidation level

As of press time, SUI’s major liquidation levels were at near $0.819 on the lower side and $0.857 on the upper side. 

Realistic or not, here’s SUI market cap in BTC’s terms

If market sentiment remains unchanged and SUI reaches to $0.857 level, nearly $4.17 million of short leverage position will be liquidated.

Conversely, if the sentiment changes and SUI falls to the $0.819 level, nearly $3.05 million of the long position will be liquidated.