SUI Price Rises 14% in Minutes, Causing Massive Liquidations

The decentralized smart contract platform Sui (SUI)'s native token hit an all-time high of $4.96 to start the week, riding a bullish cryptocurrency market.

SUI fell about 30% to $3.49 on Friday, ending the surge. However, the token quickly returned, settling at $4.55, up 12.8% from the week's low and 8.9% from its record high.

SUI Rises During Market Volatility
In contrast, Bitcoin (BTC) and Ethereum (ETH) have continued to fall after the US Federal Reserve (Fed)0 interest rate decision.

Due to the Fed's dovish approach, risk assets have fallen, causing the market's top crypto to fall over 10% from its record high of $108,000.

According to Coinalyze, SUI volatility caused approximately $14 million in liquidations across long and short positions on centralized exchanges, with Binance reporting the highest liquidation rates in the previous 24 hours.

Recently, Sui ranked third in net inflows over the previous three months, with close to $1 billion entering the network, indicating increased investor interest in SUI, boosted by a new Phantom wallet collaboration.

Analyst Targets $6 As Market Momentum Rises

Another recognized analyst, Michael van de Poppe, saw SUI's large daily candle movement and how the price dropped into support before swiftly rising up. He believed this trend would continue and that SUI might reach $6.

Recently rising SUI prices are likely to lure Bitcoin liquidity into its ecosystem, boosting the token's optimistic prospects. Technical analyst Rekt Capital noted that SUI successfully retested its re-accumulation range post-breakout.

Rekt said that strategic collaborations with Babylon Labs and Lombard Finance will help Sui integrate Bitcoin liquidity, which might benefit the platform.

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