Sui price has increased 15% week-over-week to a new all-time high following the Mysticeti consensus protocol integration and Grayscale’s launch of Sui Trust.
Sui (SUI) price is a first layer blockchain that has seen a significant increase in its market capitalization recently. Over the past week, Sui’s price has seen a notable recovery. While most cryptocurrencies have experienced a sideways trading pattern, SUI is showing a strong bullish trend, indicating the potential for further gains.
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As market conditions improve, Sui’s price has surged, up 15% over the past week. This growth was helped by the integration of the Mysticeti consensus protocol, which reduces the time required to reach consensus to just 390 milliseconds.
This enhancement enables faster transactions on the blockchain. In addition, Grayscale has launched Sui Trust, providing qualified investors with a new way to gain exposure to Sui market performance through structured investment products.
Sui price surges, indicating a bullish trend in the cryptocurrency market. As of reporting time, SUI price is hovering at $1.13, with a strong increase of over 11.39% in the past 24 hours.
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According to CoinMarketCap, trading volume also increased significantly by 70.35%, indicating increased activity and interest in the token. Sui’s market capitalization has exceeded $3 billion and is currently ranked 28th among cryptocurrencies, reflecting strong investor confidence and market momentum.
The 4-hour technical indicators of Binance SUI show a clear uptrend. MACD (Moving Average Convergence Divergence) is in a bullish phase. The signal line crossed over the MACD line, indicating that the positive momentum is likely to continue.
Sui’s price has been actively traded recently, according to Coinglass. Trading volume surged 105.59% to $1.71 billion, while market open interest also grew 16.72% to about $296.6 million. This indicates a strong growth in market participation and traders’ interest in Sui’s financial instruments.
Currently, Tier 1 is encountering significant resistance at the $1.5 mark. If the market trend turns positive, the asset has the potential to climb to $2.00. A further rise to $2.18 could match the all-time high from six months ago (March 27, 2024). Such a move would represent a gain of nearly 96% from its current position.
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