Over the past 7 days, SUI’s price has surged by 60%, reaching a record market capitalization of $8.7 billion. During the same period, Scallop (SCA) saw an 87% increase, with its total value locked (TVL) growing by 25.3%.
SUI Gains 60% Weekly, Reaches Record Market Cap of $8.7 Billion
Recent data shows that SUI’s price has risen by 32.4% in the past 24 hours, contributing to a weekly increase of over 60%. This growth has propelled SUI to 15th place among the largest cryptocurrencies by market cap, which now stands at a record $8.7 billion. This rise is supported by a significant increase in trading volume, up by more than 250% in the past 24 hours, indicating bullish sentiment and strong investor interest in SUI, attributed to favorable on-chain metrics and a positive market environment.
Technical Indicators Signal a Bullish Trend for SUI
The daily MACD chart points to a strong upward trend for SUI, with the MACD line crossing above the signal line (currently at 0.0211 against -0.0027), confirming positive momentum. The histogram further supports the bullish outlook with growing green bars, while the widening gap between the MACD and signal line indicates increasing buying pressure.
The Bull Bear Power (BBP) analysis also indicates bullish dominance, with a positive value of approximately 1.2590, suggesting that buying power outweighs selling pressure.
Scallop (SCA) Gains 83% as the Sui Ecosystem Expands
The lending protocol Scallop (SCA) within the Sui ecosystem has also seen remarkable growth. Over the past week, Scallop’s token price has increased by 83%, reflecting growing demand for financial services within the Sui network. As a critical lending protocol, Scallop adds value to the Sui network by providing borrowing and lending services, showing that the network offers more than just the SUI token.
This price increase for SCA has been accompanied by a 25.30% rise in total value locked (TVL), reflecting higher user engagement with the Scallop protocol. The rise in TVL indicates increasing demand and liquidity within the protocol.
What’s Next? Analysts Set SUI Target at $10
Following the recent surge, market analysts are optimistic about SUI’s future price trajectory, with a potential target of $10 if current positive trends continue. This outlook is supported by strong on-chain metrics, including high trading volume and active user engagement. Additional factors contributing to SUI’s appreciation include post-election market dynamics and the popularity of meme coins within the broader ecosystem.
Forecasts for SUI in November suggest that the price could further benefit from increased interest and favorable market conditions. If these factors align, SUI could see further substantial gains and move closer to the projected $10 target.
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