Sui Continues its Impressive Growth, Surging by Nearly 20%
Sui has once again proven its strength in the market, with a significant uptrend that saw its price rise by almost 20% to reach $5.13 as of the latest update on Saturday.
Sui, a prominent layer-2 network, has been showcasing remarkable performance, with a staggering 1,312% increase from its lowest point in 2023. This surge has propelled its market cap to over $15 billion, solidifying its position as the 13th largest cryptocurrency in the market.
The surge in Sui’s value aligns with the continuous growth of its Decentralized Finance ecosystem, with the total value locked reaching a new high of $1.96 billion. Key players within this ecosystem include Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.
Strategic Partnerships Elevate Sui’s Position
Sui’s upward trajectory has been further bolstered by strategic partnerships with industry giants such as VanEck, Grayscale, and Franklin Templeton. Notably, Grayscale introduced the Sui Trust, accumulating over $14 million in assets. There are also talks of a potential Sui ETF application in 2025, pending regulatory developments.
Additionally, Sui’s integration of stablecoins like USD Coin, AUSD, FDUSD, and USDY, boasting a combined market cap exceeding $406 million, has contributed to its growth. The launch of Deepbook V3, alongside the soaring trading volume surpassing $1 billion and a market value of over $375 million for its DEEP token, has further solidified Sui’s position in the market.
Sui’s DEX ecosystem has been thriving, handling a substantial volume of over $46 billion since its inception. Furthermore, the record-high futures open interest of $963 million signals growing investor interest in SUI’s token.
Analyzing Sui’s Price Forecast
Technical analysis indicates a bullish trend for SUI, with the coin rallying for four consecutive days and surpassing the $5 resistance level. The 50-day moving average has been a strong support since September, indicating the coin’s resilience.
Furthermore, SUI’s affordability is highlighted by the Z-score of the Market Value to Realized Value, which stands at 2.7. With a potential move towards the Murrey Math Lines at $5.50, followed by a target of $10, SUI’s price forecast looks promising.