This week has been successful for Sui cryptocurrency, which has shown strong growth and reached its maximum since June 2023.
Factors Behind Sui's Growth
Sui’s price jumped to $3.33, up by 43% from its June low. This rally coincided with overall recovery in the crypto market, where Bitcoin reached an all-time high of nearly $113,000. Many altcoins, like Cardano and Ethereum, also showed positive performance. The rally was bolstered by a detailed Grayscale report highlighting Sui's technology advantages and its team composed of former Facebook employees.
Current Metrics of the Sui Ecosystem
The Sui ecosystem is performing well, with over 70 applications in decentralized finance and a total value locked of over $2.6 billion. Stablecoin volume has risen to $887 million, while adjusted transaction volume increased by 5.6%, reaching $151 billion. Notably, Sui's decentralized exchange volume has rebounded after the Cetus Protocol hack, handling $8.52 billion in assets in the last 30 days.
Technical Analysis of Sui Price
The daily chart shows that Sui's price has staged a strong rebound in recent days, soaring from a low of $2.13 this week to the current $3.35. Sui has moved above the 50% Fibonacci retracement level at $2.9174 and above the 50-day and 100-day Exponential Moving Averages. The Relative Strength Index continues to rise and is nearing overbought territory, suggesting a potential continuation of the upward trend towards $4.2770, about 27% above the current level.
Sui’s price demonstrates positive dynamics amidst a broader crypto market rise and strong performance metrics within its ecosystem. Stability above key levels may indicate further upward movement.
