SUI Price Surges to Fresh Highs Above $5, Market Capitalization Soars
The SUI price has experienced a significant leap in the past few days, rising from the consolidated zone around $4 to mark new highs above $5. This surge has led to an increase in market capitalization by over 17%, surpassing major altcoins like LINK, TON, XLM, and SHIB. While this upward movement has attracted significant bearish activity, the bulls are defending the lower support levels and attempting to initiate a new ascending trend. With the technical indicators turning bullish and positive market sentiments on the rise, it is believed that the SUI price will continue to attract gains in the coming days.
SUI Gains Momentum Following SOL Price Recovery
SUI has garnered considerable attention as the token closely followed the impressive recovery of the SOL price from single-digit levels. It has become popular among L1s such as Solana, Aptos, and Sei. The recent unlocking of over 82 million SUI tokens, representing nearly 0.82% of the total supply, is believed to have stimulated demand and contributed to the token’s growth. Additionally, positive funding rates and more than 50% of traders holding long positions indicate the growing potential of SUI.
Will SUI Price Reach $10 This Month?
The SUI price is currently trading within a rising parallel channel, facing resistance after a rise from the support levels to above-average bands. The bulls are striving to stage a strong rebound, but the technical indicators suggest a potential minor pullback, with levels expected to dip slightly below $5. The bearish crossover with the stochastic RSI further supports this notion. However, the Bollinger bands indicate a bullish continuation, with expansion likely to continue until the price reaches the upper resistance of the channel, potentially setting new all-time highs around $5.8 to $6.
Despite the possibility of a minor pullback, the SUI price is poised for a rebound below $5, attracting significant liquidity. In the DEX space, SUI has outperformed, surpassing $2 billion in TVL and establishing itself as the fastest-growing blockchain. With over 8 billion transactions recorded and doubling in Q4 2024, SUI remains on a bullish trajectory for 2025, with immense potential to reach new highs in the near future.