Sui price, a Layer 1 blockchain token, surged to a record high of $5.36 on January 6, 2025. However, the price has since faced a significant correction, aligning with Bitcoin’s dip below $96K in a broader bearish market trend. A whale’s $20 million long position on SUI is now nearing liquidation. Investors are questioning whether Sui can recover above $5 after this week’s volatility and market sell-off.
Is Sui Price Set to Cross $5 After Its ATH Milestone?
SUI price recently reached a record high of $5.35 on January 6, 2025, before falling by 14.04%. At the time of writing, SUI price is trading at $4.56, reflecting an 8% decrease in the past 24 hours. The token has shown strength by breaking through the $4.80 barrier, setting a firm support level that could drive further momentum.
If SUI breaks past the $5 resistance, it may open the door to testing $5.35 again and possibly climbing toward $6. However, ongoing bearish activity could lead the price to retest the $4.50 support or even dip to $4 if market pressures persist.
The crypto market correction impacting SUI comes alongside Bitcoin’s decline below $96,000, creating a cautious environment. The next steps for SUI will depend on its ability to sustain upward movement and overcome key resistance levels.
A $20M SUI Position Risks Liquidation
A prominent SUI whale faces the risk of liquidation as market conditions intensify. This investor reportedly deposited 4.1 million $SUI, valued at $19.3 million, along with 100,000 $sSUI, worth $470,000, into the decentralized platform Suilend. Subsequently, the whale borrowed $14.4 million in stablecoins.
SUI Price Network’s growth continues
Sui price surges as the DeFi ecosystem of Sui Network sets a new Total Value Locked (TVL) record at $1.85 billion. This milestone highlights rising demand and utilization across various decentralized applications (dApps). Key partnerships with financial giants, including VanEck, Grayscale, and Franklin Templeton, have bolstered the network’s liquidity and token utility.
These collaborations are pivotal in enhancing the adoption of the layer one token in the broader crypto market. Sui Network’s continued growth cements its position as a significant player in the cryptocurrency and decentralized finance landscape.
