SUI Price Surges 70% in a Week, Hits New ATH, $10 Possible?

SUI, the native token of layer-1 blockchain Sui Network, has surged 70% in the past week and continues to reach new highs, outperforming most altcoins in recent months.

Native token of layer-1 blockchain Sui Network, SUI, has seen a 70% surge in the past week and continues to reach new highs, outperforming most altcoins in recent months. Currently the 14th-largest cryptocurrency by market capitalization, SUI has become a lucrative investment.

According to data from CoinMarketCap, SUI is trading at $3.15, showing a 9.87% increase in the past 24 hours and 56.35% in the past 30 days. The altcoin has surged a massive 441.76% since November 2023 while its market cap rose from $584 million to $8.96 billion at the time of publication, showcasing potential for immense growth.

Around one hour ago, SUI made a new all-time high at $3.28 and is currently trading at a discount of 3.54% from it. The blockchain protocol’s total value locked (TVL) has also been on the rise, according to DefiLlama data. The value of SUI’s TVL rose from $133 million on November 11 last year to $1.383 billion at the time of writing.

Meanwhile, Scallop (SCA), a lending protocol on Sui Network, has also seen its token value and TVL increase. Scallop’s TVL is currently $180 million, a significant rise from $1.02 million on August 20. The SCA token has jumped 67.95% in the past seven days.

SUI Fundamentals are Strong, $10 Possible?

As SUI fundamentals continue to propel the cryptocurrency to new highs, the altcoin’s uptrend is visible in the daily chart provided by TradingView. Notably, SUI’s trading volume, which is currently at $3.23 billion, has also surged.

This bullish price action could see SUI’s price heading towards the $10 mark, especially if the altcoin manages to flip the $5 resistance into support. However, there is a possibility of a minor correction in the upcoming hours or days.

RSI for SUI

While all signs point to a bullish move towards $10, there is one caveat. The Relative Strength Index (RSI) for SUI has a value above 78 which means that the cryptocurrency is overbought and a correction is definitely possible in the short term for the altcoin.

The information presented in this article is for informational and educational purposes only. It does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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