SUI Cryptocurrency Surges 26% to New All-Time High of $4.85
Amid the resurgence in the altcoin sector, SUI, the native cryptocurrency of the Layer-1 Sui blockchain network, increased by 26% in 24 hours, reaching an all-time high of $4.85 and a market cap of $14 billion. This marks nearly 60% monthly gains for SUI.
The daily trading volume for SUI rose by 97% to $3.96 billion, indicating strong bullish sentiment. According to Coinglass data, open interest for SUI increased by 33%, surpassing $900 million, with 24-hour liquidations at $11 million, including over $8 million in short liquidations.
The Sui Network is expanding its real-world applications through integrations with financial platforms, driving momentum and signaling potential for further gains. An immediate target of $5 is in play, with projections of a rally to $10.
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Courtesy: TradingView
Historical price action indicates a breakout from a significant bullish pattern, suggesting a steep upward trend. After breaking out of a double-bottom formation and a brief retracement, the token has resumed its upward trajectory.
Strong technical indicators support the bullish outlook, with the RSI entering the overbought zone and no bearish divergence observed, reinforcing expectations for a sustained upswing in SUI price.
If SUI reclaims its all-time high and surpasses the critical $5 psychological barrier, it could enter a price discovery phase. Fibonacci retracement levels indicate targets of $6.12, $6.75, and ultimately $7.66, contingent on continued bullish momentum.
Other Factors Contributing to SUI Price Rally
Fundamental developments also support the recent surge in SUI price. The integration with crypto exchange and wallet platform Backpack has catalyzed Sui's growth, unlocking opportunities for both platforms.
Backpack's adoption of Sui’s high-performance blockchain enhances asset management and trading efficiency, while its user base across 150 countries adds credibility, achieving $60 billion in trading volumes in its first year.
This partnership strengthens Sui’s ecosystem, providing Backpack users seamless access to Sui’s network, following Phantom’s recent decision to integrate Sui.
Furthermore, the Sui blockchain is gaining prominence in the decentralized finance sector. Its total value locked (TVL) recently reached an all-time high of $1.835 billion, representing a 17% increase in one day, according to DeFiLlama data.
This increase adds $273 million to its TVL, driven primarily by decentralized finance protocols. The Suilend Protocol leads with $583.61 million, reflecting a 27% daily increase, while the NAVI Protocol follows with $553.8 million after a 20.79% rise.