Sui Network’s SUI Cryptocurrency Surges Over 11% Amid Market Downturn
SUI Performance Overview
- SUI, the native cryptocurrency of the Sui blockchain, increased by over 11% in 24 hours, trading at $5.11.
- This rise occurs amid a broader market downturn, with Bitcoin down 7% from its weekly high, currently at $94,900.
- Key investor Ali Martinez noted that a breakout above $4.86 could trigger a significant price shift.
- Sui Network achieved a Total Value Locked (TVL) of $2 billion, contributing to investor confidence.
- SUI's market capitalization is currently $15.22 billion, reflecting a 10% increase over the last day.
- The token has surged 520% over the past year, with a recent 35% increase in the last month.
- Partnerships with Grayscale, VanEck, and Franklin Templeton were secured in 2024.
Key Price Levels
- Critical support level: $4.56; secondary support: $4.00.
- Resistance identified at $5.00.
- RSI at 60 indicates potential for further upward momentum.
- Strong buying pressure observed, with pullbacks quickly absorbed.
- Bollinger Bands indicate SUI is trading above the average line, suggesting room for bullish breakout.
- 50-day moving average remains stable since September 2024.
Market Context
- Broader crypto market remains subdued, awaiting catalysts.
- Potential upward movement anticipated with Donald Trump's upcoming inauguration.