SUI Price Hits All-Time High with 26% Surge, $10 Coming Soon?

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As a seasoned crypto investor with over a decade of experience navigating the tumultuous seas of digital assets, I must admit that the recent surge of SUI has caught my attention like a lighthouse beacon amidst the cryptocurrency storm. With its impressive 26% jump in just 24 hours and a staggering 60% monthly gain, I can’t help but feel a tinge of regret for not jumping on this bandwagon earlier.

In the midst of a robust comeback within the altcoin market, the native cryptocurrency of the Layer-1 Sui blockchain network, SUI, experienced an astounding 26% surge over the past 24 hours, reaching a record high of $4.85. This impressive rise propelled its market capitalization to a staggering $14 billion. With this growth, the price of SUI has extended its monthly gains to almost 60%.

The trading activity for the SUI cryptocurrency has experienced a significant boost today, jumping by an impressive 97% to reach approximately $3.96 billion. This strong surge indicates a robust bullish outlook for this altcoin. Furthermore, according to data from Coinglass, the open interest in SUI has seen a remarkable increase of 33%, exceeding $900 million. Additionally, the total liquidations over the past 24 hours have spiked to $11 million, with more than $8 million being short liquidations.

The popularity of the Sui Network platform is growing, as it’s being integrated with various financial systems, broadening its practical uses in the real world. This increasing adoption has sparked significant interest, and the upward trend in the SUI price suggests potential for even more growth. As the $5 mark appears to be within reach, speculation among investors points towards a possible further jump to $10.

Courtesy: TradingView

Based on past trends in the SUI price, it seems to be signaling a breakaway from a strong bullish structure, implying a possibility of a sharp increase. Having exited a double-bottom formation and briefly reversing course, the token is once again moving upwards.

Additionally, powerful technical signals support the positive trend, as the Relative Strength Index (RSI) moves into the overbought territory, indicating strong momentum. Moreover, the lack of bearish divergence indicates continued upward pressure on the Swiss Franc’s price, suggesting a potential prolonged increase.

If SUI reaches its record peak and surpasses the significant $5 mark, it may initiate a phase of price exploration. Fibonacci retracement suggests $6.12 as the next likely goal, with possible upward movements to $6.75 and eventually $7.66. These milestones seem attainable if the bullish trend continues.

Other Factors Contributing to SUI Price Rally

As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed some significant factors contributing to the recent surge in SUI prices beyond just technical patterns. Notably, Sui’s strategic integration with the crypto exchange and wallet platform, Backpack, has served as a significant catalyst for its growth. This collaboration could potentially ignite even more upward momentum in the near future.

By integrating Sui’s efficient blockchain technology, Backpack stands to unveil substantial benefits for both systems. Furthermore, with a user community spanning over 150 nations and achieving a staggering $60 billion in trade volumes within its inaugural year, Backpack is rapidly building trust and reputation.

The collaboration enhances Sui’s environment by simplifying the handling and exchange of assets, providing Backpack users with seamless access to Sui’s network. This news comes shortly after Phantom announced its integration with Sui just last week.

As a researcher exploring the Decentralized Finance (DeFi) landscape, I can’t help but notice the growing influence of the Sui blockchain. Notably, the Total Value Locked (TVL) on this platform has hit an unprecedented peak of $1.835 billion, representing a significant 17% surge in value within a single day, as indicated by data from DeFiLlama.

Today, the platform saw an influx adding approximately $273 million to its Total Value Locked (TVL), majorly due to its DeFi protocols. The Suilend Protocol takes the lead with a TVL of $583.61 million, marking a 27% daily increase, while the NAVI Protocol comes in second with $553.8 million after experiencing a 20.79% growth.

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2024-12-12 15:15