Historic Surge for SUI has been seen. The cryptocurrency SUI has reached a historic high in its recent bullish movement and has now entered a phase of price discovery.
Analysts from the “Everything Crypto” podcast have commented on this price surge, expressing optimism about SUI’s future. They noted that altcoins often outperform Bitcoin during this phase of the market, and the price growth of SUI is expected to continue due to its expanding ecosystem and technological advantages over competitors.
Historic Surge for SUI
Market data indicates that SUI has increased by over 12% in the last 24 hours, reaching a new all-time high of $2.28, and is currently trading around $2.24. Over the past month, the price of this cryptocurrency has surged by 118%, and it has skyrocketed 452% over the past year.
This upward price trend is bolstered by improvements in key ecosystem metrics, including the total number of active accounts, daily transactions, and the total value locked (TVL) in the network.
However, data from Coinglass shows that in the past two weeks, there has been an increase in the volume of SUI entering exchanges, suggesting that some holders may be looking to sell their assets and take profits.
A significant recent development for the network is the launch of the USDC stablecoin on the SUI blockchain, which allows users to utilize digital dollars in the DeFi space, eliminating the need for cross-chain bridges.
Some analysts believe that SUI may follow a path similar to Solana, with predictions that its price could rise to around $22.50. With ongoing ecosystem growth and increased adoption, this cryptocurrency could become one of the top altcoins in the market.
Notably, market analyst Michael van de Poppe has highlighted a support level at $1.79, indicating that SUI’s price could reach the range of $2.25 to $2.50.
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