- Summary:
- SUI coin price gain has been the highest among the top 100 cryptocurrencies in the last week. We tell you why the uptrend is likely to hold.
SUI coin price upstaged the wider crypto market on Friday as it shot up by 5.4% to trade at $5.00 at press time. That brought the coin’s weekly gains in the last week to 14%. In comparison, Bitcoin price has declined by 2.9%, Ethereum is down by 6.9% and Solana has declined by 12.6%. In addition, the SUI is the best-performing asset among the top 100 ranked crypto coins by market capitalisation.
Why SUI Coin Price Could Keep Rising
The year 2024 was a milestone year for Sui chain, as it recorded exponential growth. Its DeFi TVL rose to $1.8 billion, having started the year under $ 300 million. As a result, the Sui blockchain has created one of the fastest-growing ecosystems, attracting not only buyers of SUI coin, but also developers.
SUI’s TVL rose by 8.1% in the last 24 hours, signaling rising demand for the coin and a continuation of the trend. Another key milestone in Sui blockchain’s growth is its integration with Phantom Wallet, one of the crypto industry’s most popular wallets.
Sui price upside is also supported by a strong long/short ratio. According to Coinanalyze, the value of SUI’s long/short ratio stood at 2.20 in the 24 hours preceding this writing. A ratio greater than one is typically interpreted as a market with buyers controlling momentum.
SUI Coin Price Prediction
SUI coin price pivots at $4.87 and the momentum indicator points to the likely continuation of the upside. The coin will likely meet the first barrier at $4.95. However, extended control by the buyers could breach that barrier and potentially test $5.00.
Conversely, the sellers will be in control if SUI coin price breaks below $4.87. That could establish the first support at $4.82. Also, the upside narrative will be invalid if the price breaks below that level. Furthermore, the resulting momentum could clear the path to test the second support at $4.77.
