The Sui (SUI) price hit an all-time high of $4.90 on Thursday, after surging more than 20% last week. The main drivers of the rally were the integration of the Backpack exchange and wallet with the SUI blockchain, along with record-high trading volumes on decentralized exchanges (DEXs).
Another factor that strengthens Sui’s bullish outlook is the record total value locked (TVL) and open interest (OI) on the Sui network. Technical analysis suggests that the uptrend could continue, with a potential new high of $5.68.
What's Driving SUI Price Up Today?
Sui price increased by nearly 10%, reaching a new ATH of $4.9 on Thursday, with the current market capitalization at $14.10 billion, according to CoinGecko. Key reasons for the recent price increase include:
First, the announcement of the integration of the Backpack exchange and wallet with the SUI blockchain on Wednesday. The SUI price increased by nearly 18% on the news, as this integration of Backpack opens up many integration and listing opportunities for projects on Sui, while improving the user experience on both platforms.
Second, Sui’s Twitter account announced that the DEX trading volume has surpassed $35 billion. At the same time, it also set a new 24-hour record of over $466 million in DEX trading volume, indicating increased interest and liquidity from traders towards the SUI chain.
Technical Outlook: Sui Price Heading for New Highs
Sui price reached a new high of $4.49 on December 6, after breaking the previous high of $3.93 the day before. The price then corrected and fell 12%, finding support at the 61.80% Fibonacci retracement level at $3.38, measured from the October 28 low of $1.59 to the December 6 high of $4.49.
Sui found support at $3.38, bounced on Tuesday and gained more than 17% the following day. As of the time of writing, the price continued to rise and hit a new ATH at $4.9.
If SUI continues its uptrend, the price could extend its gains to retest the $5.68 level, which corresponds to the 141.40% Fib extension level from the October 28 low of $1.59 to December 6 high of $4.49.
SUI/USDT Daily Chart | Source: TradingView
The relative strength index (RSI) on the daily chart reached 71 and is pointing up after bouncing from the neutral level of 50 on Tuesday, indicating that the bullish momentum is strengthening. Moreover, the MACD indicator also supported the upside momentum by showing a bullish crossover signal on Wednesday, triggering a buy signal on the daily chart.
SUI On-Chain Metrics Favor Further Gains
Data from DefiLlama shows Sui's TVL increased from $1.51 billion on December 2 to $1.87 billion on Thursday, the highest since its launch in May 2023.
This increase in TVL shows that activity and interest are increasing in the Sui ecosystem. This implies that more users are depositing or using assets in SUI-based protocols, reinforcing the bullish outlook.
Sui's TVL | Source: DefiLlama
Data from Coinglass shows that open interest (OI) for SUI futures on exchanges increased from $675.45 million on Wednesday to $897.63 million on Thursday, and has been increasing since early November. The increase in OI represents new or additional money flowing into the market, along with new buy orders, signaling a potential price rally for Sui.
SUI Open Interest (OI) | Source: Coinglass
https://tapchibitcoin.io/dieu-gi-thuc-gia-sui-len-ath-moi.html
