SUI Surge Past Its ATH To $4.93 As Price Soars More Than 12% In A Day, Is $5 Coming?

Sui (SUI), a layer-1 blockchain, is making waves in the cryptocurrency world with its remarkable market performance. The token on earlier todoy January 4th captured investor attention by surpassing an all-time high (ATH) of $4.93, surpassing its previous records. 

SUI’s value has surged by over 12% in the past 24 hours, with its global market cap reaching $14.83 billion and 24-hour trading volume climbing by an astonishing 114%.

Breaking Resistance and Setting Records

This significant price increase has solidified SUI’s position as a bullish contender in the crypto market. Crypto analysts are optimistic about its future, with many pointing to the strong momentum behind the token. SUI may continue its upward trajectory, even after minor price corrections.

SUI’s rise has been steady, with the token recently overcoming key resistance levels. A critical point was $4.80, where a daily close above this level could signal a strong bullish trend. 

Also Read: Sui Network Resumes Operations After Two Hours Of Outage

With the token gaining 22% in just a week, market sentiment remains optimistic.

December was particularly significant for the Sui network. It surpassed the TON network in market capitalisation, becoming the 13th largest cryptocurrency by market cap. 

Moreover, SUI has consistently outperformed TON since the start of 2024, emerging as the best-performing public chain token in terms of price growth.

Adding to its list of achievements, Sui set a new record for decentralized exchange (DEX) trading volume, reaching $555 million in a single day. For the first time, Sui ranked among the top five blockchains by 24-hour trading volume, showcasing its increasing adoption and utility.

A Growing Force in the Blockchain Space

SUI’s rapid growth has drawn comparisons to Solana’s remarkable rise in 2021. Both networks have demonstrated resilience and adaptability in a competitive market. Analysts believe Sui’s expanding ecosystem and increasing adoption could propel it further, mirroring Solana’s earlier success.

The Sui blockchain’s native coin, $SUI, is widely recognized for its diverse applications, making it an attractive option for both developers and investors. Its robust network capabilities and impressive market performance have positioned it as one of the most promising cryptocurrencies.

Is $5 Next for SUI?

As Sui continues its upward march, the question remains, is $5 on the horizon? With its current momentum and strong market sentiment, the token is well-positioned to break this psychological barrier. However, analysts caution that short-term dips could precede any significant rise.

Sui’s journey highlights its potential as a key player in the crypto space. Whether it reaches $5 soon or not, its trajectory has already marked it as a blockchain to watch closely in 2024.

Also Read: SUI Price Down 5% Despite SUI Network’s Total DEX Volume Breaks $35 Billion Mark