- Sui (SUI) price surged to an all-time high of $4.86 on Thursday amid the integration of Backpack’s exchange and wallet with the Sui blockchain.
- Sui’s decentralized exchange (DEX) ecosystem saw a record $35 billion in total volume and $466 million in single-day volume.
- On-chain metrics like Total Value Locked (TVL) and open interest in Sui futures also showed strength, indicating growing user engagement and asset utilization.
The Sui (SUI) cryptocurrency has reached a new all-time high of $4.86, following the successful integration of the Backpack exchange and wallet with the Sui blockchain ecosystem. This resulted in a significant surge in decentralized exchange (DEX) volume, reaching a record $466 million in a single day.
Unprecedented Sui Price Surge: The Factors Behind the Rally
Several major factors are fueling the recent price rally of Sui. Primarily, on December 11, Backpack revealed its integration with the Sui blockchain. This significant development promises to enhance functionality for projects within the Sui network and improve the user experience. As a result, investor optimism heightened, driving the Sui price up nearly 18%.
In addition, the Sui DEX ecosystem has been witnessing explosive growth. With the entire DEX volume exceeding $35 billion, a new record was set. Even more notably, a single-day record of over $466 million in DEX volume was also reported, indicating a strong uptick in trader activity and liquidity within the Sui network.
Technical Indicators Supporting Sui Price
Supporting the Sui price are robust technical factors. Sui broke its previous all-time high of $3.93 on December 6, reaching $4.49 before a brief correction occurred. This was followed by a strong rebound, with the price gaining over 17% on Wednesday and continuing its ascent to $4.86. Based on the current bullish pressure, further rallies are anticipated. If the momentum continues, the Sui price could potentially climb to $5.68.
Indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also suggest a continued bullish momentum. The RSI recently bounced from the neutral 50 level and is now at 71, indicating increasing buying pressure. Similarly, the MACD’s bullish crossover on Wednesday has strengthened buy signals on the daily chart.
On-Chain Metrics: A Testament to Sui’s Bullish Trend
On-chain activity is further testament to the Sui price’s upward trajectory. Data from DeFiLlama reveals that the Total Value Locked (TVL) within the Sui network has grown from $1.51 billion on December 2 to $1.87 billion on Thursday, marking the highest since its inception in May 2023. This increase in TVL indicates growing user engagement and asset utilization across protocols based on Sui.
Additionally, there has been a steady growth in open interest in Sui futures. Data from Coinglass shows that open interest surged from $675.45 million on Wednesday to a massive $904.80 million on Thursday, indicating a 32.29% increase. This trend has been evident since the early days of November 2024, signaling further bullish momentum. The increase in open interest signifies fresh capital inflow and heightened investor interest.
Conclusion
In conclusion, Sui’s recent performance is impressive, both technically and fundamentally. The integration with Backpack, the significant DEX volume, and robust on-chain metrics have all contributed to Sui’s strong bullish trend. While the market remains unpredictable, the current indicators suggest continued momentum for Sui. However, investors should conduct their own research and consult with financial advisors before making investment decisions.
