SUI price surged 760% in 2024, reaching an all-time high.
Ecosystem growth, TVL increase, and investor confidence drive bullish momentum.
The cryptocurrency market is abuzz as Sui (SUI) reaches a new all-time high (ATH) of $4.47, marking a staggering 760% rally this year. Amid Bitcoin’s volatile swings, SUI stands out with strong bullish momentum, driven by ecosystem expansion and robust market sentiment.
SUI Price Chart, Source: Sanbase
Over the past 10 days, SUI’s price has fluctuated between $3.10 and $3.94 USDT, with a decisive break above $3.52 signaling sustained upward movement. Supported by technical indicators, such as an On-Balance-Volume (OBV) surge and a consistently strong Relative Strength Index (RSI) above 50, SUI has demonstrated solid buying interest. The bullish momentum peaked as the token touched $4.47 during the Asian trading session, with a trading volume of $4.58 billion, reflecting a 78.77% increase.
Meanwhile, Sui’s ecosystem growth has been instrumental in its price surge. Its Total Value Locked (TVL) has soared from $665 million to $1.61 billion within just nine days, highlighting the platform’s growing appeal for decentralized applications (dApps). The surge in open interest by 24.82% to $1.01 billion on December 5 further underscores renewed investor confidence. This growth underscores the growing market belief in SUI’s potential.
Analysts Target $10 Milestone
As SUI maintains its upward trajectory, analysts project the next resistance at $5, with a psychological milestone at $6. Strong technical support from the Simple Moving Average (SMA) suggests potential for further gains. However, risks of a bearish pullback to $4 or even $3.25 remain if the momentum weakens.
With a market cap of $12.27 billion, SUI has solidified its position as the 17th largest cryptocurrency, leaving market watchers optimistic about its ability to sustain this rally and possibly aim for new highs. Many experts are hopeful for continued success, with growing investor optimism in the token’s future.
Highlighted News Of The Day: Cloud Mining Contracts Decoded: Which Platforms Offer the Best Value?
