The Sui (SUI) cryptocurrency has experienced a significant price surge, rising over 18% in the last 24 hours. This remarkable rally has propelled SUI onto leading crypto platforms like CoinMarketCap and CoinGecko, while its total value locked (TVL) on the network surged by 8% within just one day. 📈
Analysts point to several factors driving this surge, including a booming DeFi ecosystem, strong institutional interest, and exciting partnerships. Notably, SUI’s price broke out of a bullish double bottom pattern after it achieved its breakout above the $2.80 mark on April 22.
The current rally suggests a potential target of around $3.50 to $3.60. This is in line with a key short-term moving average, and momentum indicators like MACD offer further support for the bullish trend. While an RSI reading indicates potential overbought conditions, volume remains strong, signaling confidence from buyers.
Furthermore, the network’s TVL has climbed to $1.64 billion, solidifying its position as the 9th largest blockchain by total value locked. This accomplishment further boosts investor confidence and strengthens the SUI price rally.