- Sui (SUI) hit an all-time high of $4.9, fueled by the Backpack exchange and wallet integration, alongside record-breaking DEX volumes exceeding $466 million in 24 hours.
- Strong technical indicators, rising Total Value Locked (TVL), and increasing Open Interest (OI) suggest continued bullish momentum with a target price of $5.68.
Sui (SUI) has set the crypto world abuzz by hitting an all-time high (ATH) of $4.9, marking a remarkable 20% rally in just one week. This impressive performance is powered by key developments and bullish market indicators, signaling further potential growth.
Backpack Integration: A Game Changer
The rally gained momentum following the announcement of Backpack exchange and wallet integration with the Sui blockchain. This integration is expected to unlock various opportunities for project listings and user experience enhancements on both platforms. The market reacted swiftly, with SUI surging nearly 18% after the announcement.
Additionally, Sui’s decentralized exchange (DEX) volume skyrocketed, setting a record-breaking 24-hour volume of $466 million and surpassing $35 billion in total DEX volume. This surge highlights growing trader interest and liquidity within the Sui ecosystem.
Technical Indicators Support a Bullish Outlook
From a technical standpoint, Sui’s price chart paints a promising picture. The cryptocurrency broke through its previous ATH of $3.93 and found support at $3.38, rallying 17% thereafter. Key indicators, such as the Relative Strength Index (RSI) at 71 and the bullish Moving Average Convergence Divergence (MACD) crossover, suggest upward momentum is gaining strength. Analysts forecast the next price target at $5.68, based on Fibonacci retracement levels.
On-Chain Metrics Reflect Growing Interest
Sui’s Total Value Locked (TVL) has surged from $1.51 billion to $1.87 billion since early December, according to DefiLlama. This growth underscores increasing user activity and confidence in Sui-based protocols. Moreover, futures Open Interest (OI) on Sui rose to $897.63 million on Thursday, signaling fresh capital inflow and reinforcing the bullish trend.
Looking Ahead: Can Sui Sustain the Momentum?
With strong technical and on-chain metrics, Sui seems poised for further growth. The $5.68 mark is the next major target for bulls, though market corrections may occur along the way. For now, Sui stands out as a cryptocurrency to watch, riding high on its innovative ecosystem and robust market performance.
As the crypto market evolves, Sui’s journey is a testament to the power of integration and growing ecosystem activity. Will it continue to break records? The coming weeks will be critical for this promising blockchain.
