Ali Charts, a prominent crypto analyst, shared a prediction on X(Twitter) about a potential surge for SUI, noting that the altcoin remains within a rising parallel channel and could see a bounce that might push it to $2.60.
He also emphasized the importance of monitoring the $2 support level for any possible trend shifts.
SUI Price Actions
Currently trading at $2.09, SUI is up by 1.26%, and its global market cap stands at $5.77 billion. Over the past 24 hours, the altcoin has experienced a 1.20% increase in market cap, accompanied by a remarkable 92.44% jump in trading volume. This spike in activity highlights SUI’s growing popularity and investor interest in the cryptocurrency.
The significant growth in SUI’s TVL is a crucial indication of its growing market position. DeFiLlama data shows that SUI’s TVL increased massively, from $414 million in August to an astounding $1.104 billion. The money inflow into the SUI ecosystem is indicative of the increasing trust that investors have in the platform and the growing uptake of its DeFi protocols.
SUI’s recent price movement has been impacted by news of a $400 million insider-selling incident in addition to its increasing TVL. Quick action on the part of the SUI Foundation cleared the air and made room for a more steady rally inside the existing channel pattern. This assurance has contributed to maintaining the altcoin’s favourable perception and piqued traders’ and investors’ interest.
SUI’s Growing Popularity
SUI’s strong infrastructure, skilled staff, and early developer involvement have all contributed to its success and won it a prominent place in the cryptocurrency industry.
Due to its usability-focused approach, developers are now able to create safe and expandable applications on the platform. This is the reason, SUI is becoming more and more appealing to developers.
The coin’s recent performance has drawn comparisons to Solana, as SUI’s market momentum has resulted in over a 40% price increase in the past month, according to CoinMarketCap.
Many believe that SUI could potentially follow in Solana’s footsteps, with its unique offerings and strong fundamentals positioning it for further growth.