SUI Reaches New All-Time High of $4.2595 with 14.81% Gain
The crypto market has surpassed a market cap of $3.7 trillion, with Layer 1 tokens reaching approximately $950 billion. Among these, SUI (#SUI) is gaining attention.
With a market cap of $12.42 billion, SUI has increased by 14.81% in the past 24 hours and recently achieved an all-time high of $4.2595.
SUI’s Successful Breakout Rally
SUI's price action hit a new all-time high at $4.2595. Increased buying pressure overcame previous overhead supply, which had caused a reversal earlier. The prior reversal saw closing prices below the key resistance zone of $3.84 to $3.89. Improved market sentiment has driven the price higher through consecutive bullish candles.
Source: Tradingview
The 50 and 100 simple moving averages have shown a positive crossover, indicating potential continuation of the uptrend. The DMI indicator also reflects increased trend momentum, as indicated by an uptick in the ADX line. Currently, SUI trades at $4.2101, aiming for a strong close above the 1.272 Fibonacci level at $4.1785, which could lead to a target of $4.5832 at the 1.618 Fibonacci level, marking a new all-time high.
Will SUI Mimic Solana’s Rally?
SUI’s Total Value Locked (TVL) is $2.915 billion, slightly over 10% more than Solana’s TVL of $23.11 billion. SUI’s network currently processes 28 transactions per second (TPS), while Solana has a significantly higher TPS of 4,447. Despite this difference, recent price actions show similarities. A post by Cleanwater.sui highlights SUI's price trend following a parabolic rise after a consolidation phase, suggesting potential for a sustained rally.
The ETF Effect
Grayscale's filing of the 19b-4 form to list their Solana Trust as an ETF positively impacted Solana's market price. Grayscale also manages a SUI Trust, launched in August 2024, which has accumulated assets worth $6.344 million, with a NAV per share of $0.5488 compared to its initial price of $10.24.
Grayscale's SUI Trust has seen significant performance with over a 5x increase. As interest in ETFs rises with favorable regulatory conditions, Google Trends indicates a spike in searches related to SUI ETFs.
Over the past 30 days, global search volumes show increasing interest in the SUI ETF, leading to growing discussions around it.
In summary, as SUI targets $4.58 in the short term, the evolving crypto landscape supports a bullish outlook. Rising discussions on ETFs may serve as a future catalyst for further growth.