The SUI token, native to the Layer-1 Sui blockchain, has witnessed a remarkable rally in the past 24 hours. Its price reached a record $4.91 during early trading on Thursday.
Although it dipped slightly by 1% from this peak, SUI still boasts a 30% increase in the past day, making it the top-performing asset in the market.
SUI’s Record-Breaking Performance
SUI’s impressive climb began with Wednesday’s announcement of Backpack’s integration with the Sui blockchain. This development spurred an 18% jump in its price during that day’s trading session.
The surge in activity has also impacted Sui’s decentralized finance (DeFi) ecosystem. According to DefiLlama, Sui’s total value locked (TVL) has reached $1.84 billion, a 17% increase in the last 24 hours.
Higher TVL signals increased staking, deposits, and network activity. This growing user engagement often correlates with higher demand and confidence in the blockchain, boosting the asset’s value.
DEX Activity Boosts SUI’s Momentum
Sui’s decentralized exchange (DEX) trading volume has also seen a sharp increase. The blockchain reported a new 24-hour trading record of $466 million, bringing its total DEX volume to over $35 billion. Since early December, DEX trading volume has surged by 170%, per Artemis data.
Can SUI Maintain Its Momentum?
Currently trading at $4.83, SUI shows bullish signs supported by strong on-chain metrics. The Chaikin Money Flow (CMF), a measure of buying and selling pressure, stands at 0.19. This positive reading indicates higher buying pressure, suggesting continued demand for SUI.
If this trend holds, SUI could reclaim its $4.91 peak and surpass it. However, if traders begin profit-taking, the price may drop to $3.96, challenging this bullish trajectory.