The native asset SUI of the Layer-1 blockchain SUI network is shining in today’s bearish market with a 17.32% increase in 24 hours and a massive 122% growth in the last 7 days.

SUI is currently trading at a 30-day high of $1.05, reaching the psychological resistance of $1, an area the token lost in mid-June.

This impressive rise in SUI tokens was triggered on August 7 after investment firm Grayscale launched new crypto investment funds for SUI.

The growth can also be attributed to other factors such as increased OTC bidding, a larger number of holders, technical developments, and token considerations by influential figures.

Will the rally continue?

Yes, the SUI is likely to cross the $1.1 mark in the next few trading sessions, but only if the sell-offs by buyers are tolerated in the early trading sessions.

SUI has been experiencing increased trading activity for the past few days. Trading volume has already increased by 80% to $542 million in 24 hours. It is important to note that a joint increase in asset price and volume is an indication of increased buyer interest in the coin.

In addition, the momentum indicator MACD shows continued demand.

At the time of writing, the MACD line (blue) is above the signal line (orange) and the zero line, showing that the price is facing short rejection due to sell-offs, but the rally is continuing by creating higher highs and higher lows.

SUI target: $1.2?

SUI tokens have returned a positive value when passing through the Elder Ray Index indicator. At the time of writing, the value is +0.157.

A positive Elder Ray Index (Bull Bear Power) means that buyers are stronger than sellers. This value has been positive since August 6th and has jumped again today.

It is also important to note that selling activity will be seen at this point, but SUI bulls seem to be recovering stronger.

If the rally continues, SUI is likely to reach the $1.1 mark today, and if it breaks below this level, strong support will be found at the depths of $0.5.