Key Takeaways:
SUI, the native cryptocurrency of the Sui Blockchain, has been making remarkable gains in the market, registering a massive 32.4% surge in price within the past 24 hours and over 60% in the last seven days.
SUI Market Cap Crosses $8.7 Billion As Its Price Surges By 60% In Seven Days
The past week also saw the token’s market capitalization reach an all-time high of approximately $8.7 billion, which helped consolidate its position and also place it in 15th position among the most valuable cryptocurrencies in the market. The almost sudden increase in SUI prices has attracted much-needed attention from crypto investors.
The surge in SUI price was driven by an increase in trading volume, which over the past 24 hours has increased by over 250%. The heightened market activity is signaling a bullish outlook for the cryptocurrency, with analysts attributing its price rise to strong on-chain metrics and an overall favorable market environment.
Meanwhile, Scallop, a lending protocol based on the Sui ecosystem, saw its price surge by 87% over the past week, with the total value locked (TVL) in the platform growing by 25.3%. This is evidence of growing interest in the Sui blockchain and other financial solutions associated with it.
Scallop plays an important role in the Sui ecosystem as it provides services such as crypto lending and borrowing, adding much-needed value to the blockchain.
The MACD analysis on the SUI daily chart indicates a strong upward trend for the token. The MACD line has managed to cross above the signal line, currently reading 0.0211 against -0.0027, reflecting a positive momentum for the SUI.
The bullish outlook also reflects the token’s histogram, which has been showing green bars with increased height, with the widening gap between the MACD and the signal line indicating a strengthening buying pressure for SUI and the continuation of the positive trend.
The histogram also supports this bullish outlook, which has been showing green bars with increased height. The widening gap between the MACD and the signal line indicates a strengthening buying pressure and the continuation of SUI’s upward trend.
Bulls Are Dominating The SUI Market, With Buying Strength Surpassing Selling Pressure
The Bull Bear Power (BBP) indicator for SUI reinforced the bullish sentiment by showing a positive value of approximately 1.2590. This positive reading suggests that bulls are dominating the market for SUI, and buying pressure has surpassed selling strength.
The latest rally has market analysts feeling optimistic about the current trajectory of the SUI price. They are predicting a potential target of $10 if the token can maintain its current trend. This positive outlook is largely driven by robust on-chain metrics, including high trading volume and active user engagement.
Additionally, the post-election dynamics of the market and the popularity of the Sui ecosystem have proven to be further catalysts for the SUI token’s price appreciation. As per November’s predictions, SUI could benefit from increased investor interest and favorable market conditions. If these factors could align, then SUI may be in line for another significant rally that will bring its price closer to the highly-anticipated $10.
At the time of writing, SUI is trading at $3.22 – up 4.8% in the last 24 hours.
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