- SUI’s price has climbed over 50% in a week, showcasing strong market interest.
- SUI chain’s total value locked reaches a record high of $921.37 million.
- The altcoin’s open interest has reached new highs since its launch, indicating strong market participation.
The native cryptocurrency of the SUI layer one blockchain is gaining momentum, approaching its previous all-time high of $2.18—recorded during the March bull run. Over the last 24 hours, SUI displayed a significant uptick of over 13%, climbing from a low of $1.43 to a high of $1.64 before stabilizing at around $1.60.
In the past week alone, SUI has surged more than 51%, with daily trading volume skyrocketing by 123% to reach approximately $902 million. This bullish trend began on September 17 and has been fueled by the announcement from Circle—the company behind USD Coin (USDC)—regarding its upcoming launches on the Sui Network, including a Cross-Chain Transfer Protocol (CCTP).
Further, the launch of Grayscale Sui Trust has also triggered the altcoin’s price rally. Currently, SUI Total Value Locked (TVL) recorded a historic high of $921.37 million, positioning it as the eighth-largest chain in terms of TVL—an increase of 3,285% over the past year.
Additionally, open interest for SUI has reached an all-time high of $461.54 million, showing a 905% rise. These developments indicate a strong bullish sentiment surrounding SUI.
SUI Set to Resume Its Uptrend?
The 4-hour chart shows that the bulls are trying to propel the price above the $1.65 resistance. If the altcoin succeeds, it could resume the uptrend with the next target objective of $1.75; it acted as a key resistance point before the previous all-time high.
Furthermore, technical indicators support this positive outlook, with the MACD stalling above the signal line and the Chaikin Money Flow (CMF) at 0.26, suggesting healthy market buying pressure.
However, if cryptocurrency price dips below the 20-day Exponential Moving Average (EMA), it could trigger a correction down to $1.42 or even further to $1.29. This level is particularly important, as a drop below it may open the door to even lower prices around $1.18.
Historically, SUI has showcased a positive trend, regaining momentum after similar corrections, making this a critical time to watch for potential new highs.
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