- SUI has defied the general market sentiment, experiencing an 11% surge and trading at an impressive $5.11 with a market capitalisation of $14.98 billion, up 4.41%
- The 24-hour trading volume of SUI also experienced an impressive surge of 11.75% to settle at $2.48 billion
- Despite the market drags, SUI’s 7-day performance is positive, up 6.44%, while the one-month and one-year figures are 23.35% and 534.50%, respectively
SUI, the native coin of the Sui network, has surged by over 10% in the past day despite the general crypto market fighting to recover and regain momentum.
The week has been sluggish at best, and SUI's performance has surprised many experts.
While SUI makes waves, large coins like Bitcoin and Ethereum have suffered significant setbacks. For instance, Bitcoin is down from its weekly high of $102,000, now trading at $94,012, with market capitalisation down to $1.85 trillion at the time of writing. On the other hand, Ethereum is down 8.91% in the past 7 days, now trading at $3,248 with a market capitalisation of $390.88 billion, down 2.45%.
SUI has defied the general market sentiment, experiencing an 11% surge and trading at an impressive $5.11 with a market capitalisation of $14.98 billion, up 4.41%. According to Coinmarketcap data, the 24-hour trading volume of SUI also experienced an impressive surge of 11.75% to settle at $2.48 billion.
Despite the market drags, SUI’s 7-day performance is positive, up 6.44%, while the one-month and one-year figures are 23.35% and 534.50%, respectively.
As SUI surges, the market has started to rebound. The global crypto market cap is now $3.27 trillion, a 0.83% decrease over the last day. The total crypto market volume over the last 24 hours is $157.65 billion, a 4.98% decrease. The total volume in Decentralised Finance (DeFi) is $10.56 billion, 6.70% of the total crypto market 24-hour volume. The volume of all stablecoins is now $145.56 billion, 92.33% of the total crypto market 24-hour volume.
Bitcoin still maintains its dominance with a rate of 56.83%, an increase of 0.22% over the day.
Will SUI sustain the surge?
However, despite SUI's positive momentum, there are worries about possible market volatility. A whale with roughly $20 million worth of SUI could be liquidated if the price of SUI falls to $4.56. Secondary support at $4.00 has turned into a crucial support area. According to the analysts, SUI has a $5.00 resistance level.
In the meantime, a number of technical indicators support the bullish assertion. On the daily chart, the Relative Strength Index (RSI) is at 60, indicating potential for additional upward momentum. On daily candlesticks, long wicks signify strong buying pressure, with eager buyers swiftly absorbing pullbacks.
Furthermore, according to the Bollinger Bands, SUI is trading above the average line, which indicates space for a possible bullish breakout. The 50-day moving average, which has not moved lower since September 2024, provides further strong support for the SUI value.
How crypto trader turned $2k into $3.2 million in 10 hours with Hyperfy (HYPER) token
Meanwhile, TheRadar earlier reported that a smart cryptocurrency trader has become a millionaire after trading the newly launched Hyperfy (HYPER) token. The trader smartly turned an initial investment of $2,137 into over $3.2 million.
This massive profit is despite the general bearish market sentiment, given that the general crypto market had yet to recover from reduced liquidity caused by the holiday season fully.
