SUI, the native token of Sui Blockchain, has experienced significant growth, soaring 50% from $0.79 to $1.33 in just four days. This rise is further fueled by a 21% jump in the last 24 hours, heightening expectations for the altcoin’s continued upward trajectory.
The price increase of SUI is in line with a substantial rise in trading volume, indicating that large investors are injecting capital into the altcoin with expectations of further growth. Breaking past the $1 mark with significant trade volumes bolsters the reliability of this bullish breakout.
Previously consolidating within a price range of $0.6876 to $0.9250, SUI has now breached the upper boundary due to strong buyer activity. The $0.9250 level is now acting as a robust support zone.
Analysts suggest that SUI’s price trajectory is signaling readiness for a sustainable rally, with expectations of reaching the $2 mark soon. If the current momentum is maintained, it could even challenge the $5 resistance level. The price’s stability above the 50-day EMA indicates continued buyer interest, hinting at further gains, with potential support at the EMA in case of any downward movements.
Sui, a significant player in the smart contract platform space, has seen its total value locked (TVL) surge to unprecedented levels, with a 500% increase over three months and a staggering 1350% over six months. Current data from DefiLlama shows Sui’s TVL at an impressive $297.9 million, positively impacting its market value and signaling a likely continuation of its upward trend. Technical indicators, including a positive MACD crossover and strong buying signals from the Chaikin Money Flow (CMF) at 0.29, further bolster optimism for Sui’s future performance.