SUI price hits a fresh all-time high with soaring open interest suggesting a strong rally for the altcoin with analysts predicting a breakout above $5 and a rally to $10.
Amid the strong resurgence in the altcoin sector, SUI SUI $3.65 24h volatility: 5.3% Market cap: $12.18 B Vol. 24h: $1.76 B , the native cryptocurrency of the Layer-1 Sui blockchain network, surged a staggering 26% in the last 24 hours, hitting a new all-time high of $4.85, with its market cap soaring all the way to $14 billion. With this, the SUI price extends its monthly gains to nearly 60%.
The daily trading volume for the SUI price has surged by a staggering 97% all the way to $3.96 billion suggesting strong bullish sentiment for the altcoin. Also, as per the Coinglass data, the SUI open interest is up by a massive 33% shooting all the way past $900 million. Also, the 24-hour liquidations have soared to $11 million with over $8 million in short liquidations.
The Sui Network platform continues to gain traction, expanding its real-world applications through numerous integrations with financial platforms. This surge in adoption has fueled strong momentum, with the SUI price charts signaling the potential for further gains. With the immediate target of $5 seemingly in play, investors have started projecting a further rally to $10.
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Courtesy: TradingView
The historical SUI price action indicates a breakout from a significant bullish pattern, suggesting the potential for a steep upward trend. After breaking out of a double-bottom formation and experiencing a brief retracement, the token has resumed its upward trajectory.
Furthermore, strong technical indicators reinforce the bullish outlook along with the RSI entering the overbought zone suggesting robust momentum. Also, the absence of bearish divergence supports the expectations of a sustained upswing in the SUI price.
If SUI reclaims its all-time high and breaks past the critical $5 psychological barrier, it could enter a price discovery phase. Fibonacci retracement levels indicate $6.12 as the next target, with a potential upside to $6.75 and ultimately $7.66. These milestones appear achievable if the bullish momentum persists.
Other Factors Contributing to SUI Price Rally
Apart from the technical patterns, some fundamental developments have also supported the SUI price surge recently. Sui’s recent integration with crypto exchange and wallet platform Backpack has also been a major catalyst in Sui’s growth which could trigger further upside.
With Backpack adopting Sui’s high-performance blockchain, it would unlock significant opportunities for both platforms. Also, with its user base spreading across 150 countries, Backpack is gaining strong credibility clocking $60 billion in trading volumes in the first year.
The partnership strengthens Sui’s ecosystem by streamlining asset management and trading, while Backpack users gain effortless access to Sui’s network. This announcement follows closely on the heels of Phantom’s decision to integrate Sui less than a week ago.
Additionally, the Sui blockchain is gaining strong prominence in the decentralized finance (DeFi) sector. Sui’s total value locked (TVL) recently reached an all-time high of $1.835 billion, marking a 17% increase in just one day, according to DeFiLlama data.
This surge adds $273 million to its TVL, primarily driven by its decentralized finance protocols. The Suilend Protocol leads with $583.61 million, reflecting a 27% daily increase, while the NAVI Protocol follows with $553.8 million after a 20.79% rise.
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