Today, January 4, 2024, SUI, the layer 1 blockchain, has attracted the attention of crypto investors and traders following its impressive bullish momentum. Over the past 24 hours, while the majority of assets including Bitcoin (BTC), Ethereum (ETH), and XRP struggled to gain momentum, SUI led the market with a 20% rise.
SUI leads the crypto market
With this notable price rise, SUI is trading near $5.27 and has seen significant participation from traders and investors, leading to a record increase in trading volume. Data from CoinMarketCap revealed that the altcoin’s trading volume increased by 150%. This notable participation of traders and investors is also one of the main reasons behind this rally.
Long-term holders move their assets
With this notable bullish momentum, long-term holders, investors, and retailers were found dumping SUI tokens, indicating profit potential, as revealed by on-chain analytics firm Coinglass . Spot inflow/outflow data reveals that exchanges saw an influx of SUI tokens worth $15.60 million.
In the cryptocurrency sector, the influx of assets from long-term holders’ wallets to exchanges indicates a potential sell-off, which could create selling pressure and cause prices to fall. Despite all this unloading, SUI price remains strong, above $5.
What drives the SUI Rally?
However, another potential reason for SUI’s rise is the controlled release or unlocking of 82 million SUI tokens, which equates to 0.82%, as well as collaboration with ANT Digital Technologies for global adoption, the recent recognition of Cardano founder Charles Hoskinson and the breakout of a crucial resistance level.
SUI Technical Analysis and Key Levels
According to expert technical analysis, SUI recently broke above a crucial resistance level of $4.90, which it has attempted to breach several times in the past. In addition to the breakout, the altcoin managed to close a daily candle above the $5 mark, with strong interest from traders and long-term holders.
Based on recent price action, a correction is possible as the price appears to be overextended. However, SUI could soar by 10% to reach the $5.75 mark in the future.
Will the SUI Rally continue?
Current market sentiment, with price recovery, growing investor interest, recent collaborations, recognition of the founder of a major blockchain, and the recent breakout, suggests that this rally may continue and that price may continue to soar in the future.
