Sui (SUI) price reaches a new all-time high of $4.9 on Thursday after increasing more than 20% the previous week. The main reason behind the rally is Wednesday’s announcement of the Backpack exchange and wallet integration with the SUI blockchain and decentralized exchange (DEX) volume reaching new highs.
Another factor favoring Sui’s bullish outlook is its record-high Total Value Locked (TVL) and Open Interest (OI) levels in the Sui network. The technical outlook suggests a continuation of the rally, pointing to a potential new all-time high of $5.68.
Why is SUI going up today?
Sui price trades higher by almost 10%, reaching a new ATH of $4.9 on Thursday, with its current market capitalization at $14.10 billion, according to CoinGecko.The main reasons for the recent price surge are:
First, the announcement of Backpack exchange and wallet integration with the SUI blockchain on Wednesday. SUI rallied nearly 18% on Wednesday following this news, as this integration by Backpack will create many integration and listing opportunities for projects on Sui while enhancing user experience for both platforms.
Second, Sui posted on its Twitter handle that its total DEX volume broke the $35 billion mark. It also set a new 24-hour record of more than $466 million for DEX volume, indicating a surge in traders’ interest and liquidity in the SUI’s chain.
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