SUI surged over 11% in the past 24 hours, trading at $5.11 amid a sluggish momentum of the broader crypto market.
SUI SUI $5.06 24h volatility: 9.7% Market cap: $15.28 B Vol. 24h: $2.24 B , the native cryptocurrency of the Sui blockchain, has defied broader market trends by surging over 11% in the past 24 hours, trading at $5.11. This comes during a sluggish week for the crypto market, with Bitcoin BTC $94 948 24h volatility: 1.8% Market cap: $1.88 T Vol. 24h: $62.14 B down 7% from its weekly high of $102,000, currently trading at $94,900.
This surge coincides with prominent investor Ali Martinez explaining that the token’s decisive breakout above or below the narrow range between $4.86 and $4.61 could trigger a significant 10% price shift.
The rise in SUI’s value is attributed to Sui Network’s milestone achievement of reaching $2 billion in Total Value Locked (TVL) earlier this week. As per the data by DeFiLlama, the network currently boasts a $2.02 billion TVL and $750 million in open interest. This suggests growing investor confidence in the Layer 1 blockchain, which offers stablecoin yields up to 50% higher than competitors like Solana.
In the past year, SUI has demonstrated an impressive growth trajectory, surging 520%, with a 35% increase in the last month alone. In 2024, it secured several big partnerships with financial giants like Grayscale, VanEck, and Franklin Templeton.
The token’s current market capitalization stands at $15.22 billion, up 10% within the last day.
Despite SUI’s bullish momentum, concerns loom over potential market volatility. A major whale holding around $20 million worth of SUI faces liquidation if the token’s price dips to $4.56. This level has become a critical support zone, with secondary support at $4.00. As per the analysts, SUI has a resistance at $5.00.
Meanwhile, several technical indicators reinforce the bullish narrative. The Relative Strength Index (RSI) on the daily chart sits at 60, suggesting room for further upward momentum. Additionally, long wicks on daily candlesticks indicate robust buying pressure, with pullbacks being quickly absorbed by eager buyers.
Additionally, the Bollinger Bands show that SUI is trading above the average line, suggesting room for a potential bullish breakout. SUI value is also strongly supported by the 50-day moving average, which has failed to move downward since September 2024.
As the native cryptocurrency of the Sui blockchain, SUI facilitates transaction fees and operational costs within the decentralized, permissionless platform.
While the token continues its upward trajectory, the broader crypto market remains subdued. Bitcoin and other major cryptocurrencies have shown limited movement, signaling a market waiting for its next catalyst. However, crypto-friendly Donald Trump’s upcoming inauguration could push the market upwards, according to analysts.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
