Sui hit a new all-time high propelled by the current bull run in the crypto market. According to CMC data, the altcoin’s daily trading volume surged by 55.15%. Over the past week, several altcoins have seen price rallies. After Bitcoin achieved new all-time highs three times in recent days, the cryptocurrency market has entered a full bullish trend. Almost every cryptocurrency has reached new trading levels, either recovering from previous slumps or retracing to previous highs.
One altcoin that has gained attention multiple times is Sui Network’s SUI. With the beginning of the altcoin season, as speculated by the community, SUI has once again shown signs of a bullish comeback. In the last 24 hours, the cryptocurrency has rallied 9.07%, surpassing the $3 milestone.
At the start of the day, the altcoin was trading at $2.8 before surpassing the mentioned milestone. Furthermore, SUI’s daily trading volume has increased by 55.15%. At the time of writing, Sui was trading at $3.15 according to CMC data.
Notably, the altcoin also reached a new all-time high of $3.28 in the past 24 hours, surpassing its previous high of $2.38. Unlike other altcoins, SUI initially started its bull run in September, although it was not a linear progression. The altcoin experienced several price dips that sometimes overshadowed the upward trend. However, SUI has now utilized the market momentum to increase its prices, drawing market attention once again.
The question remains whether SUI can sustain its bull run. By analyzing the technical indicators, the altcoin’s Chaikin’s Money Flow (CMF) value is positive at 0.30, indicating an increased flow of capital and the continuation of the upward trend. Additionally, SUI’s bull power indicator value is 1.5, while its bear power indicator value is low at 0.44.
This further confirms the sustainability of the bull run. On the other hand, the cryptocurrency has also shown increased volatility according to TradingView data, with its RVI at a high of 83.11. Therefore, in order to confirm the continuation of the bull run, SUI prices need to stabilize from the current fluctuations.
Meanwhile, other altcoins such as DOGE and Solana have also seen upward movements in recent days.
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