Sui Resumes Strong Uptrend, Surges Over 1,300% from Its Lowest Level

Sui, a prominent layer-2 network, has resumed its strong upward trajectory, surging by nearly 20%. As of the latest data, the price of Sui stands around $5.13, marking a notable rise of over 1,312% from its lowest point in 2023.

This impressive performance has propelled Sui’s market capitalization to exceed $15 billion, making it the 13th largest cryptocurrency by market cap. The surge in Sui’s price is aligned with the continuous growth of its ecosystem, particularly its Decentralized Finance (DeFi) sector, which has reached a record high of $1.96 billion in total value locked.

Key Players in the Sui DeFi Ecosystem

Sui’s DeFi ecosystem continues to thrive, with major projects like Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance driving much of the growth. These projects are central to Sui’s growing influence in the DeFi space.

Sui’s Partnerships and Expanding Influence

Sui has also made significant strides by securing partnerships with major players in the financial world, including VanEck, Grayscale, and Franklin Templeton. Notably, Grayscale launched the Sui Trust, which has accumulated more than $14 million in assets. Should the U.S. Securities and Exchange Commission (SEC) adopt a more favorable stance on crypto ETFs under Paul Atkins, it could pave the way for Grayscale to apply for a spot Sui ETF in 2025.

Additionally, Sui has further strengthened its ecosystem by incorporating four stablecoins—USD Coin (USDC), AUSD, FDUSD, and USDY—with a combined market cap exceeding $406 million. The launch of Deepbook V3, Sui’s native on-chain order book, has also seen impressive trading volumes, surpassing $1 billion, with the platform’s DEEP token reaching a market cap of over $375 million.

Growing DeFi Ecosystem and Futures Open Interest

Sui’s decentralized exchange (DEX) ecosystem has been thriving, with over $46 billion in trading volume since its inception. Moreover, Sui’s futures open interest has soared to a record high of $963 million, a significant increase from earlier this week’s low of $650 million. This surge signals growing investor interest in Sui’s token.

Sui Price Forecast

On the technical front, Sui’s price chart shows a bullish trend, having risen for four consecutive days. The coin has flipped the $5 resistance level into support, invalidating a potential double-top pattern that could have been a reversal signal. The price has been consistently supported by the 50-day moving average, which has held since September of the previous year.

Moreover, Sui’s price is considered undervalued, as evidenced by its Z-score of 2.7 for Market Value to Realized Value, indicating that the coin is relatively inexpensive. A Z-score of 3.8 would indicate an overvalued cryptocurrency.

Technical indicators suggest that Sui’s price may rise further to $5.50, which is an extreme overshoot level on the Murrey Math Lines. If Sui surpasses this level, the next major price target could be $10, indicating potential for continued growth in the coming months.