SUI Tops Crypto Market with 20% Gains, Will This Rally Continue?
Today, January 4, 2024, the first-tier blockchain SUI has gained significant attention from cryptocurrency investors and traders with its impressive upward momentum. While most assets including Bitcoin (BTC), Ethereum (ETH) and XRP struggled to gain momentum over the past 24 hours, SUI topped the market with a 20% gain.
SUI takes top spot in cryptocurrency market
Following the significant price increase, SUI was trading close to $5.27 and witnessed heavy participation from traders and investors, leading to a record jump in trading volumes. Data from CoinMarketCap shows that altcoin trading volume has surged by 150%. Significant participation from traders and investors is also one of the main reasons behind this rise.
Long-term holders transfer assets
The on-chain analytics firm revealed that along with this significant upward momentum, long-term holders, investors, and retailers have dumped SUI tokens, indicating potential profit bookings. coin glass. Spot inflow/outflow data shows that the exchange has witnessed $15.6 million worth of SUI token inflows.
In the cryptocurrency industry, asset flows into exchanges from the wallets of long-term holders signal a potential sell-off, which could create selling pressure and cause prices to fall. Despite these sell-offs, SUI price remains firm above $5.
What’s driving the SUI backlash?
However, another potential reason for SUI’s rise is the controlled release or unlocking of 82 million SUI tokens, equivalent to 0.82%, and the partnership with ANT Digital Technologies for global adoption, which the Cardano founder recently Approved charles hoskinsonand broke through key resistance levels.
SUI Technical Analysis and Key Levels
According to expert technical analysis, SUI recently broke above the key resistance level of $4.90, a level it has historically attempted to breach several times. In addition to the breakout, the altcoin also managed to close above the $5 mark, attracting strong interest from traders and long-term holders.
Based on recent price action, a correction is likely as prices appear to be overextended. However, SUI could surge 10% to the $5.75 mark in the future.
Will SUI rallies continue?
Current market sentiment, price recovery, rising investor interest, recent collaborations, endorsements from major blockchain founders, and recent breakouts suggest that this rally is likely to continue, and prices may continue to soar in the future.
