SUI’s recent rally has propelled its price into uncharted territory, surpassing $4. The altcoin is primed for further gains with bullish signals and rising momentum. ETF discussions surrounding SUI are gaining traction, mirroring trends seen with Solana, and could act as a powerful catalyst for a breakout.
With the crypto market reaching a market cap of more than $3.7 trillion, the market cap of Layer 1 tokens reached ~$950 billion. Among the top-performing Layer 1 projects, SUI SUI $3.52 24h volatility: 2.3% Market cap: $11.77 B Vol. 24h: $1.05 B is gaining momentum.
With a market cap of $12.42 billion, it has increased by 14.81% over the past 24 hours. Furthermore, it recently registered a new all-time high after crossing the $4.2595 psychological mark.
SUI’s Successful Breakout Rally
The SUI price action registered a new all-time high of $4.2595. The surge in buying pressure has overcome the immense overhead supply pressure that resulted in a reversal earlier today.
Source: Tradingview
The previous reversal resulted in a closing price under the crucial resistance zone from $3.84 to $3.89. However, the improving underlying sentiments propelled the altcoin price higher in a consecutive stream of bullish candles.
The 50 and 100 simple moving average lines have marked a positive crossover, supporting the uptrend continuation. Furthermore, the DMI indicator showcases a surge in trend momentum reflected in the ADX line uptick.
Currently, the altcoin is trading at $4.2101, preparing for a strong closing above the 1.272 Fibonacci level at $4.1785. This strong closing will increase the chances of the SUI price trend reaching the 1.618 Fibonacci level at $4.5832. This potential price target will mark a new all-time high.
Will SUI Mimic Solana’s Rally?
Currently, the SUI’s TVL is $2.915 billion, slightly more than 10% higher than Solana’s TVL of $23.11 billion.
Furthermore, the current transaction per second over the SUI network is at 28. Meanwhile, Solana has a significantly higher TPS of 4,447.
Despite the massive difference between the networks, the price actions showcase an uncanny resemblance. In a recent X post by Cleanwater.sui, the SUI price action reflects a similar trend to Solana, with a parabolic rise after a consolidation/bearish phase. Thus, it emphasizes the possibility of an extended parabolic rally in SUI.
The ETF Effect
The filing of Grayscale’s 19b-4 form to the US SEC to list their Solana Trust as an ETF boosted Solana’s market price. From the SUI viewpoint, Grayscale is managing an SUI Trust.
Launched in August 2024, the trust’s assets under management have reached $6.344 million. Furthermore, the NAV per share has risen to $0.5488, compared to $10.24 at the launch price.
With a more than 5x rally, Grayscale’s SUI Trust has performed impressively. As the Trump administration’s pro-crypto hype increases the chances of ETF’s approval, Google Trends reveals a surge in SUI ETF searches.
Based on the global search volumes over the past 30 days, the interest in SUI ETF has increased. Thus, discussions related to SUI ETF are starting to sprout.
In conclusion, as the short-term rally targets $4.58, the changing crypto landscape supports the bull run. In a pro-crypto government, the rising discussions of ETF could become the bullish next catalyst.
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