Sui resumed its strong uptrend and rose almost 20%. At last check on Saturday, the price was hovering around $5.13.
Sui (SUI), a popular layer-2 network, is one of the best-performing cryptocurrencies, up over 1,312% from its 2023 low.
This achievement has brought its market capitalization to over $15 billion, making it the 13th largest cryptocurrency in the industry.
Sui’s surge coincided with the ecosystem’s continued growth, as the total value captured in the Decentralized Finance ecosystem rose to a record high of $1.96 billion.
The biggest players in the DeFi ecosystem are Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend and Aftermath Finance.
Sui Partnerships
Sui also grew after signing major partnerships with top companies such as VanEck, Grayscale and Franklin Templeton. For example, Grayscale launched the Sui Trust, which has since been built up $14 million of assets. If the Securities and Exchange Commission changes its view on crypto ETFs under Paul Atkins, it could indicate the company will file for a spot Sui ETF in 2025.
Sui has also achieved more successes that have pushed it to an all-time high. It has listed four stablecoins such as USD Coin, AUSD, FDUSD and USDY, which have a combined market capitalization of over $406 million.
It also launched Deepbook V3, its proprietary onchain order book, which saw trading volume rise to more than $1 billion. The DEEP token has reached a market value of over $375 million.
Meanwhile, Sui’s DEX ecosystem is thriving, handling over $46 billion in volume since inception.
More data shows that Sui’s futures open interest rose to a record high of $963 million. This is a notable increase from this week’s low of $650 million and a sign that SUI’s token is gaining popularity among investors.
Sui price forecast
The daily chart shows that the SUI token has been bullish this year, rising for four days in a row and turning the $5 resistance into resistance. By doing so, the coin invalidated the risky double top pattern, whose neckline was $4. A double top is a popular reversal sign in the market.
Sui’s price has been supported by the 50-day moving average, which it has not fallen below since September last year. It is also a cheap coin, as the Z-score from Market Value to Realized Value has fallen to 2.7. A cryptocurrency is said to be very expensive if it has a Z-score of 3.8.
Therefore, technical data suggests that the SUI price will rise to the extreme crossing of the Murrey Math Lines at $5.50. A move above that level will increase the chances of the price heading to the next crucial level at $10.
