SUI has recovered a strong upward trend, with the next target at $10.

Soaring over 1300% from its lowest point

SUI has regained a strong bullish momentum, surging nearly 20%. As of the last check last Saturday, its price was around $5.13.

SUI, a popular Layer-2 network, is one of the best-performing cryptocurrencies, having risen over 1312% from its low in 2023.

This performance has pushed its market capitalization above $15 billion, making it the 13th largest cryptocurrency in the industry.

The surge in SUI aligns with the continued growth of its decentralized finance ecosystem, with total locked value soaring to a record $19.6 billion.

The largest participants in its DeFi ecosystem include Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.

SUI Partnerships

After forming significant partnerships with top companies like VanEck, Grayscale, and Franklin Templeton, SUI has further developed. For example, Grayscale launched the SUI Trust Fund, which has already accumulated over $14 million in assets. If the SEC changes its stance on cryptocurrency ETFs under the leadership of Paul Atkins, it could mean the company will apply for a SUI ETF listing in 2025.

Sui has also achieved further success, reaching historical highs. It has integrated four stablecoins, such as USD Coin, AUSD, FDUSD, and USDY, with a combined market capitalization exceeding $406 million.

It has also launched Deepbook V3, its native on-chain order book, with trading volume soaring to over $1 billion. Its DEEP token market capitalization has exceeded $375 million.

Meanwhile, SUI's decentralized trading ecosystem is thriving, having processed over $46 billion in trading volume since its inception.

More data shows that SUI's futures open interest has surged to a record $963 million. This is a significant increase from this week's low of $6.5 billion and is a sign of strong support for the SUI token among investors.

Technical Analysis SUI Price Prediction:

The daily chart shows that the SUI token has been bullish this year, rising for four consecutive days and flipping the $5 resistance into support. By doing so, the coin has invalidated the risk of a double top pattern, with its neckline at $4. Double tops are common reversal signals in the market.

I have always been optimistic about this new public chain SUI; long-term, $10 is unstoppable, what do you say?