As we step into January 4, 2024, the blockchain space is buzzing with excitement over SUI, a layer-1 blockchain that has captured the attention of crypto investors and traders. This excitement is largely driven by SUI’s impressive price surge over the past 24 hours. While giants like Bitcoin (BTC), Ethereum (ETH), and XRP have struggled to gain traction, SUI has defied market trends, boasting a remarkable 20% increase in value.
SUI Tops the Crypto Market
Riding on this wave of momentum, SUI is currently trading near $5.27. This surge has not only captured the attention of traders but also resulted in a significant uptick in trading volume. According to CoinMarketCap, the altcoin’s trading volume has skyrocketed by 150%. This overwhelming participation from the trading community is a key factor propelling SUI’s price rally.
Long-Term Holders Move Assets
The recent upside momentum has prompted long-term holders, investors, and retailers to offload SUI tokens, signaling a potential profit-taking phase. On-chain analytics firm Coinglass reveals that exchanges have observed an inflow of $15.60 million worth of SUI tokens. In the crypto world, such inflows from long-term holder wallets to exchanges often hint at a possible sell-off, which could exert downward pressure on prices. Despite these offloads, SUI maintains its strength, holding steady above the $5 mark.
What’s Driving the SUI Rally?
The catalyst behind SUI’s remarkable price surge is multifaceted. One significant driver is the strategic release of 82 million SUI tokens, which represents 0.82% of the total supply. Furthermore, SUI’s collaboration with ANT Digital Technologies aims for global adoption, adding fuel to the rally. Additionally, recognition from Cardano founder Charles Hoskinson and the altcoin’s successful breakout from a key resistance level have contributed to this upward momentum.
SUI Technical Analysis and Key Levels
Technical experts highlight that SUI has recently surpassed a crucial resistance level at $4.90, a level it has attempted to breach multiple times in the past. This breakout, coupled with a daily candle closure above the $5 threshold, indicates strong interest from both traders and long-term holders. According to Trading View data, while a price correction may be on the horizon due to an overextended rally, SUI has the potential to climb by an additional 10%, aiming for the $5.75 mark.
Will the SUI Rally Continue?
The prevailing market sentiment, which embraces price recovery, growing investor enthusiasm, and recent strategic partnerships, suggests a promising outlook for SUI. Given the recognition from a prominent blockchain founder and the recent breakout, the rally appears poised for sustainability. As a result, the SUI price is likely to continue its upward trajectory in the foreseeable future.
