SUI Price Surges 70% in a Week, Hits New ATH, $10 Possible?

SUI, the native token of layer-1 blockchain Sui Network, has surged 70% in the past week and continues to reach new highs, outperforming most altcoins in recent months.

Native token of layer-1 blockchain Sui Network, SUI, has seen a 70% surge in the past week and continues to reach new highs, outperforming most altcoins in recent months. Currently the 14th-largest cryptocurrency by market capitalization, SUI has become a lucrative investment.

According to data from CoinMarketCap, SUI is trading at $3.15, showing a 9.87% increase in the past 24 hours and 56.35% in the past 30 days. The altcoin has surged a massive 441.76% since November 2023 while its market cap rose from $584 million to $8.96 billion at the time of publication, showcasing potential for immense growth.

Around one hour ago, SUI made a new all-time high at $3.28 and is currently trading at a discount of 3.54% from it. The blockchain protocol’s total value locked (TVL) has also been on the rise, according to DefiLlama data. The value of SUI’s TVL rose from $133 million on November 11 last year to $1.383 billion at the time of writing.

Meanwhile, Scallop (SCA), a lending protocol on Sui Network, has also seen its token value and TVL increase. Scallop’s TVL is currently $180 million, a significant rise from $1.02 million on August 20. The SCA token has jumped 67.95% in the past seven days.

SUI Fundamentals are Strong, $10 Possible?

As SUI fundamentals continue to propel the cryptocurrency to new highs, the altcoin’s uptrend is visible in the daily chart provided by TradingView. Notably, SUI’s trading volume, which is currently at $3.23 billion, has also surged.

This bullish price action could see SUI’s price heading towards the $10 mark, especially if the altcoin manages to flip the $5 resistance into support. However, there is a possibility of a minor correction in the upcoming hours or days.

RSI for SUI

While all signs point to a bullish move towards $10, there is one caveat. The Relative Strength Index (RSI) for SUI has a value above 78 which means that the cryptocurrency is overbought and a correction is definitely possible in the short term for the altcoin.

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