After a two-month high, is a new rally on the horizon?

Summary

• Sui (SUI) saw a 125% weekly surge, fueled by the launch of Grayscale’s Sui Trust.
• Despite the strong gains, the high RSI indicates that the asset could be overbought, suggesting a possible correction.

The highest performance

Sui (SUI) is among the few leading cryptocurrencies today (August 12), and its price has traced an impressive increaseIt has risen more than 9% on a daily scale and a massive 70% week-over-week, currently trading at around $1 (according to data from CoinGecko).

SUI price began its significant ascent last week, shortly after Grayscale Released a Sui trust focused exclusively on investing in the underlying asset. The company also introduced a Bittensor trust.

“With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the forefront of the ongoing evolution of the crypto ecosystem,” the entity said at the time.

The asset’s rally caught the attention of many industry participants. Raoul Pal, Founder and CEO of Real Vision, recently… described Sui is “the innovative, super-efficient, ultra-fast, full-stack blockchain ecosystem that emerged from Meta’s Diem project.” He said SUI is on his radar as “one of the potentially fastest horses in the race.”

X user Andrew Kang also gave his opinion, claiming The combination of some important The factors suggest “interesting developments ahead for SUI.” Some of the elements depicted include Pal interaction, aggressive token price action with no pullbacks, and strong holdings through large unlocks.

There are some rumors that certain X users were paid to support SUI. Altcoin Sherpa saying If that were true, they would put their name on the list because “this looks really good.” However, the analyst recalled about potential short-term problems, arguing that the price must cross the 200-day exponential moving average (EMA) to continue the uptrend.

Important The indicator flashes the sell signal

Although he general bullish stance of cryptocurrency enthusiastsOne important metric that suggests that the SUI could be headed for a decline in the near future is the Relative Strength Index (RSI), which measures the speed and change of price movements.

The momentum oscillator ranges from 0 to 100 and a ratio above 70 indicates that the asset is overbought. ThisSuccessively, It could indicate that the price could experience a correction. Currently, the RSI is located Almost 80 years old.