Sui has resumed its impressive uptrend, surging by nearly 20%, with its latest price recorded at approximately $5.13.
Sui (SUI), a prominent layer-2 network, continues to shine as one of the top-performing cryptocurrencies, having skyrocketed over 1,312% from its lowest point in 2023.
This substantial growth has catapulted its market capitalization to over $15 billion, positioning Sui as the 13th largest cryptocurrency in the market.
The recent surge aligns with the expansion of its ecosystem, as the total value locked in its Decentralized Finance (DeFi) network reached a record high of $1.96 billion.
The most significant contributors within its DeFi space include Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.
Sui Secures Key Partnerships
Sui’s momentum has been amplified by securing strategic partnerships with major companies. Notably, the launch of the Sui Trust by Grayscale has attracted over $14 million in assets. If regulatory perspectives on crypto ETFs shift, it could pave the way for a potential Sui ETF application in 2025.
Additionally, Sui’s integration of four stablecoins—USD Coin, AUSD, FDUSD, and USDY—has resulted in a combined market cap exceeding $406 million.
The recent introduction of Deepbook V3, a native on-chain order book, has also significantly contributed to its success, with trading volume surpassing $1 billion. The DEEP token now boasts a market valuation exceeding $375 million.
Furthermore, Sui’s decentralized exchange (DEX) ecosystem is thriving, with over $46 billion in trading volume recorded since its launch.
Recent data shows that Sui’s futures open interest has hit a notable milestone of $963 million, a significant increase from earlier lows this week, indicating growing investor interest in the SUI token.
Sui Price Forecast
Market analysis suggests that the SUI token has maintained a bullish trend throughout the year, gaining momentum over four consecutive days and converting the $5 resistance level into support. This shift eliminates the risks associated with the previously identified double-top formation.
The SUI price has consistently found support from the 50-day moving average, which it has not breached since September of the previous year. Given its current market valuation, Sui appears to be relatively undervalued, as indicated by its reduced Z-score of 2.7.
Technical indicators suggest that the price of SUI could rise to the Murrey Math Lines’ extreme overshoot at $5.50. A breakthrough beyond this threshold could enhance the likelihood of reaching the next significant milestone at $10.
