sui

Sui (SUI) has experienced a sharp decline, dropping nearly 5% in the past 24 hours to a weekly low of $4.32. This price drop follows a broader altcoin market pullback triggered by Donald Trump’s inauguration, which turned into a sell-the-news event.

Despite the downturn, the SUI blockchain’s DeFi activity is surging, potentially aiding the altcoin’s recovery from bearish trends.

DeFi Activity on SUI Network Surges

According to DeFiLlama, daily DeFi volumes on the SUI network soared to $672 million on January 20, marking the second-highest level in history. This surge indicates growing interest in SUI-based DeFi protocols.

Additionally, the total stablecoin market capitalization on the SUI network stands at $421 million, a significant rise from $301 million at the beginning of the year. However, the total value locked (TVL) has dropped by 12%, now sitting at $2.285 billion compared to its all-time high earlier this month.

SUI Price Analysis: Key Levels to Watch

SUI is at a critical support level, attracting traders’ attention. The price failed to hold the 0.786 Fibonacci support at $4.56, which could lead to a further drop to $3.48.

However, if buyers step in and defend the support level, SUI could rally to $7.69, potentially reaching a new all-time high. The Chaikin Money Flow (CMF) indicator suggests that buyers may be losing momentum after a rapid surge in buying activity over the last three weeks, which could reinforce the bearish outlook.

Long Liquidations Fuel Downtrend

A major factor weighing on SUI’s price is the surge in long liquidations. Data from Coinglass reveals that over $15 million worth of long positions were liquidated in the last three days, leading to forced selling.

As a result, SUI’s open interest has dropped to $1.56 billion after reaching an all-time high on January 19. The liquidation heatmap suggests further downside risk, with key long positions at risk if prices continue to fall. However, a liquidation cluster at $4.51 could provide a potential bounce-back opportunity.

Outlook: What’s Next for SUI?

Despite the price drop, a decline in funding rates to a weekly low of 0.0066% suggests reduced demand for longs, which may stabilize price volatility.

If bearish trends persist, SUI could continue its downward movement. On the other hand, renewed buying pressure and strong DeFi growth might support a potential recovery.

Conclusion:

Traders should closely watch key support and resistance levels while considering the ongoing market trends and liquidation data. The coming days will be crucial in determining whether SUI can regain momentum or face further losses.

SUI token is off to a strong start in 2025, following a massive 542% rally at the end of last year. The token’s surge has been fueled by Eric Trump’s portfolio disclosure and growing excitement around Donald Trump’s inauguration.

Originally emerging from Facebook’s Libra project, SUI has evolved into a top-performing Layer 1 blockchain. Its inclusion in Eric Trump’s investment portfolio—alongside Bitcoin, Ethereum, and Solana—has further boosted investor confidence. Analysts believe the token is at a critical turning point, with its next move dependent on today’s major political event.

Key Support and Resistance Levels for SUI

SUI is currently consolidating within the $4.30 to $5.00 range. The Relative Strength Index (RSI) sits at 47.89, indicating bearish sentiment. However, the Parabolic SAR indicator remains below the price, signaling a potential uptrend.

For a bullish continuation, SUI must hold above the crucial $4.30 support level. If it breaks past the $5 resistance, fresh buying momentum could follow. On the downside, failure to maintain support may lead to prolonged consolidation. Traders should monitor trading volume closely and consider tight stop-loss strategies to manage risks effectively.

Will SUI Follow Bitcoin’s 2019 Bull Run?

Analysts have compared SUI’s current market pattern to Bitcoin’s price action in April 2019. During that period, Bitcoin consolidated before breaking out, rewarding early investors with significant gains. If SUI follows a similar trajectory, it could potentially hit double-digit prices by Q1 2025.

As January 21 approaches, SUI’s ability to overcome key resistance levels will be crucial in determining its growth potential for the year ahead.

Sui’s native token, SUI, has crossed the $15 billion market cap mark, surpassing TON and Chainlink to become the 12th largest cryptocurrency.

This achievement highlights the token’s explosive growth as its trading price also surges. Analysts attribute this momentum to a recent token unlocking event, which released 82 million SUI tokens—about 0.82% of its total supply.

A Strong Start to 2025 for SUI

The SUI token has gained over 1,312% since its lowest price in 2023, including a 25% rise in the past week. Its market cap now stands at $15.2 billion and is nearing the $16 billion milestone.

The 24-hour trading volume has hit $2.6 billion, while the token’s price increased by 8% to $5.34. Additionally, open interest rose by 37% to $1.22 billion, and its total value locked (TVL) surpassed $2 billion.

Token Unlocking and Partnerships Drive SUI’s Success

SUI’s price rally aligns with its January 1, 2025, token unlocking event, which released 82 million tokens into circulation. This release boosted trading activity and fueled price growth.

Rising demand and strategic partnerships have also contributed to SUI’s recent success. The Sui network is collaborating with major firms like Ant Digital Technologies to integrate real-world assets into Web3. These partnerships mark a significant step in tokenized asset adoption on the platform.

Additionally, collaborations with Wall Street heavyweights like VanEck, Grayscale, and Franklin Templeton have bolstered investor confidence in Sui’s Layer 1 blockchain.

Key Integrations Further Propel Growth

Sui’s proprietary on-chain order book, Deepbook V3, recorded over $1 billion in trading volume. Its associated token, DEEP, now boasts a market valuation exceeding $375 million. These integrations underline Sui’s commitment to innovation and its growing influence in the crypto space.

Sui has revealed an exciting new partnership with Ant Digital Technologies and its subsidiary, Zan. The collaboration aims to tokenize environmental, social, and governance (ESG) real-world assets (RWAs). While this initiative is promising, Sui’s public announcements leave many unanswered questions about its execution and its partners’ specific roles.

Tokenizing ESG Assets for Broader Access

The Layer-1 blockchain protocol announced the partnership on social media. This move seeks to use tokenization to make ESG assets more accessible to investors. With environmental concerns frequently at the forefront of crypto criticism, this effort underscores the industry’s push toward sustainability.

Sui’s Track Record and Rising Momentum

Sui has been making headlines for its innovative partnerships and blockchain advancements. The platform recently endured a two-hour outage in late November, emerging with minimal impact on its token value. Just yesterday, the SUI token hit a new all-time high, demonstrating its strong market momentum.

Vague Details Leave Room for Questions

Despite the buzz, Sui’s communications lack clarity. According to a press release, ESG assets will be held by a “world-leading new energy group” from Fortune China’s Top 500 List. However, specifics about this entity and the exact roles of Ant Digital and Zan remain unclear.

Investors and the crypto community are hopeful that Sui will provide more transparency as the project develops.

Supporting Blockchain Development

This partnership follows Sui’s collaboration with Franklin Templeton, which aims to bolster its developer ecosystem and improve scalability. These moves position Sui as a rising leader in blockchain innovation.

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.

Sui (SUI) has reached a new all-time high of $2.37, driven by a surge in trading volume. For the first time since its public launch in May 2023, Sui’s daily trading volume hit a significant milestone of $2 billion.

This increased activity indicates growing interest and engagement from investors, suggesting that Sui’s upward trend might continue.

Rising Volume Boosts SUI Price

On November 6, data from Santiment revealed Sui’s trading volume hitting $2 billion, reflecting heightened interest in the altcoin. In the cryptocurrency world, a spike in trading volume often points to growing demand, adding credibility to recent price gains. Sui has risen by 14% in the last seven days, and if demand keeps climbing, the volume surge could propel its price even higher.

Positive Sentiment Fuels Bullish Outlook

According to Coinglass, Sui’s Long/Short ratio has climbed to 1.09, indicating a shift toward more bullish sentiment. With 52% of traders holding long positions, there’s optimism that Sui’s value could continue to rise. Some traders, including pseudonymous trader Crypto Doc, are especially optimistic, expecting Sui to eventually reach double digits, with a target as high as $10.

SUI Price Prediction: Is $3 Within Reach?

Currently, Sui’s price has broken above its 20-day and 50-day Exponential Moving Averages (EMAs), which measure price trends over time. Since Sui’s price is above these averages, the current trend appears bullish, indicating potential for further gains. Should the momentum continue, Sui could break through its recent high of $2.39 and even approach the $3 mark.

However, this outlook could shift if profit-taking increases. In that case, Sui’s price might retrace to $1.93.

Sui (SUI) has been gaining attention with its recent price increase, signaling renewed optimism in the cryptocurrency market. Despite some recent market corrections, Sui is showing strong potential for a rally as it approaches its all-time high (ATH).

Sui Price Nears ATH After Bullish Growth

Sui’s price surged by 23% in September, with the bullish momentum continuing into October. On October 14, 2024, SUI nearly hit a new ATH, reaching $2.36 before experiencing a 15.15% pullback. However, investor sentiment remains positive as Sui holds steady. Currently trading at $2.00, the coin has risen 5% in the last 24 hours, with the next key resistance level at $2.10.

If the bullish trend continues and Sui breaks through this resistance, it could push towards $2.18, marking a 17% increase from its current price. Continued momentum could even propel Sui to $2.50 in the near term, signaling strong market support.

TVL Growth Points to Long-Term Confidence

One of the key factors driving Sui’s price rise is the growth in its Total Value Locked (TVL). Sui’s TVL has surpassed $1 billion, according to DefiLlama, indicating increased confidence in the blockchain’s long-term potential. This growth, along with investor enthusiasm, suggests that SUI may soon retest its ATH.

The MACD (Moving Average Convergence Divergence) indicator supports this bullish outlook, showing rising momentum and a potential buying opportunity. As long as market conditions remain favorable, Sui is well-positioned for further gains.