Sui Price Prediction as SUI Becomes Best Performer in the Market – What's Going On?

cryptonews.com:

The Sui price has jumped by 6.5% in the past 24 hours, with its rise to $0.580678 easily outperforming the wider cryptocurrency market, which has barely moved today.

SUI is now up by 5% in a week, although the utility token is actually down by 12% in the past month, and by 73% since reaching an all-time high of $2.16 in early May.

This was when Sui, which is an offshoot of Facebook's ill-fated Libra/Diem project, initially launched, and while the new layer-one network has lost momentum since then, it's likely to recover soon enough.

SUI's chart reveals that the token is picking up momentum once again and may have begun something like a breakout rally.

Its relative strength index (purple) has jumped up to 50 after spending the weekend close to 20, a clear sign that buying pressure is returning to the altcoin.

Likewise, SUI's price is about to overtake its 30-day moving average (yellow), another strong indication that the token has potentially begun a new sustained rally.

And while its support level (green) had been declining steadily over the past couple of months, it's likely that the coin's descent up until now has ended.

There's no particular reason for Sui's rally today, over than the fact that the coin had been oversold and undervalued for quite some time, with its discounted price making it attractive enough for investors to start buying it again.

It also helps that the layer-one blockchain, which harnesses the efficient Move programming language, has been enjoying some steady organic growth in recent weeks, with the network recently passing the milestone of 600,000 daily active accounts.

This provides a signal that Sui is likely to continue growing consistently for the forseeable future, meaning that SUI – which is used for