SUI price surges 14% in minutes, causing massive liquidation
The native token of decentralized smart contract platform Sui (SUI) hit an all-time high of $4.96 at the start of the week, supported by the crypto bull market.
SUI fell about 30% to $3.49 on Friday, ending the rally. However, the coin quickly recovered, settling at $4.55, up 12.8% from this week’s low and 8.9% from its all-time high.
SUI rises during market volatility
In contrast, Bitcoin (BTC) and Ethereum (ETH) continued to decline after the US Federal Reserve (Fed) interest rate decision.
Due to the Fed's dovish approach, risk assets have declined, causing the top cryptocurrency in the market to fall more than 10% from its high of $108,000.
According to Coinalyze, SUI volatility has caused around $14 million in liquidations across long and short positions on centralized exchanges, with Binance reporting the highest liquidation rates in the past 24 hours.
Recently, Sui ranked third in net inflows over the past three months, with nearly $1 billion entering the network, indicating increased investor interest in SUI, buoyed by the new collaboration with Phantom Wallet.
Analyst Targets $6 as Market Momentum Gains
Another analyst, Michael van de Poppe, saw the big daily candlestick move for SUI and how the price dropped to support before quickly rising. He believed that this trend will continue and that SUI could reach $6.
The rising price of SUI is likely to attract Bitcoin liquidity to its ecosystem, boosting the bullish outlook for the coin. Technical analyst Rekt Capital noted that SUI has successfully tested the re-accumulation range after the breakout.
Rekt said the strategic collaboration with Babylon Labs and Lombard Finance will help Sui integrate Bitcoin liquidity, which could benefit the platform.