The digital currency known as SUI, which operates on the Sui blockchain, has bucked the general market trend by rising approximately 11% within the past 24 hours, currently trading at around $5.11. This surge occurred amid a relatively quiet week in the crypto market, where Bitcoin (BTC), currently valued at about $94,900, saw a decrease of 7% from its weekly high of $102,000. Despite this drop, Bitcoin is still trading with a market cap of approximately $1.88 trillion and a daily volume of around $61.85 billion. Meanwhile, SUI boasts a 24-hour volatility of 9.6%, a market cap of $15.23 billion, and a 24-hour trading volume of $2.25 billion.
This increase in the token’s value occurs at the same time as Ali Martinez, a well-known investor, suggesting that if the token breaches either above $4.86 or below $4.61, it might cause a substantial 10% change in its price.
The surge in SUI’s value can be linked to Sui Network hitting a significant milestone this week: reaching a Total Value Locked (TVL) of $2 billion. According to DeFiLlama, the network now stands at a TVL of $2.02 billion and an open interest of $750 million. This indicates increasing trust among investors in this Layer 1 blockchain, as it provides stablecoin yields that are up to 50% more than rivals such as Solana.
Over the past twelve months, SUI has shown an outstanding upward trend, experiencing a staggering 520% rise. Remarkably, it has gained a 35% boost just in the last month. Additionally, by the year 2024, SUI successfully established strategic alliances with financial powerhouses such as Grayscale, VanEck, and Franklin Templeton.
The token’s current market capitalization stands at $15.22 billion, up 10% within the last day.
SUI Key Price Levels
As an analyst, I’m observing a positive trajectory for SUI, but there’s a looming uncertainty due to potential market volatility. A significant player, holding approximately $20 million in SUI, could face liquidation if the token price drops to around $4.56. This level has emerged as a crucial support zone, with an additional safeguard at $4.00. According to my analysis, there’s a resistance level at $5.00 for SUI.
Currently, several technical signs support the optimistic outlook. For instance, the Relative Strength Index (RSI) is at 60 on the daily chart, signifying potential for additional upward movement. Furthermore, the long tails on daily candlesticks indicate strong buying interest, as minor declines are swiftly bought up by active investors eager to enter the market.
Moreover, the Bollinger Bands indicate that SUI is currently hovering above its average band, implying a possible bullish upsurge could occur. Notably, the 50-day moving average of SUI has remained steady since September 2024 without exhibiting any downward trend.
On the Sui blockchain, the native digital currency known as SUI handles transaction charges and operational expenses for the decentralized, open-access environment it powers.
As the token keeps climbing, the overall crypto market remains relatively quiet. Bitcoin and significant cryptocurrencies have demonstrated little change, hinting at a market on the lookout for its next trigger. Yet, some analysts predict that the upcoming inauguration of crypto-friendly Donald Trump could boost the market, potentially causing it to rise further.
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2025-01-10 15:25