Sui Network (SUI): A Comprehensive Overview of Recent Developments
The Sui Network (SUI), an innovative layer-1 blockchain known for its high performance, has recently achieved a remarkable milestone. The token reached a new all-time high of $4.47, reflecting an impressive 80% increase over the past month. Despite this achievement, the token experienced a slight correction, falling to $4.15, marking a 1.61% decrease in daily trading.
Adding to the positive sentiment around the token, SUI’s Total Value Locked (TVL) has soared to a record $1.63 billion, indicating growing confidence among investors.
Despite this impressive growth, questions remain about the underlying factors driving this surge and whether the upward momentum can be sustained throughout the year.
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Catalysts Propelling SUI’s Momentum
The significant rise in Sui’s price appears to be the result of several factors rather than a single catalyst. The recent integration of Phantom Wallet with the Sui Network has enhanced its functionality, offering features such as staking, token swaps, and NFT storage, thereby increasing its appeal.
However, this development alone may not fully explain the recent gains, suggesting that broader market dynamics and increased utility are contributing factors.
Analyzing Derivatives Data: A Bullish Outlook
Data from Coinglass highlights a bullish sentiment for SUI, as trading volume has surged by 11.20% to $4.55 billion, indicating heightened market activity and increasing interest in the token.
While Open Interest (OI) saw a slight decline of 4.22% to $969.34 million, possibly due to short-sellers exiting their positions, there is a clear dominance of long positions.
On Binance, the SUI/USDT long/short ratio is at 2.97, with OKX also reporting a bullish ratio of 2.6, demonstrating strong trader confidence in further price increases.
The OI-weighted funding rate remains consistently positive, showing that traders are willing to pay a premium to maintain long positions, a key indicator of a bullish trend.
In the last 24 hours, long liquidations reached $5.99 million, significantly outpacing short liquidations at $2.79 million, underscoring strong buying pressure even amid price corrections.
These metrics suggest sustained confidence and upward momentum, positioning SUI favorably to continue its rally in the near term.
Moreover, Sui’s TVL has demonstrated remarkable consistency, remaining above $1 billion since November 6 and currently standing at an impressive $1.66 billion, according to DefiLlama. This steady level of capital inflows reflects the network’s robust ecosystem activity and consistent user engagement, further reinforcing its bullish outlook.
Technical Analysis: Key Levels to Monitor
From a technical standpoint, SUI continues to surpass significant resistance levels, posting a daily gain of 15.02%. Data from Rose Premium Signal identifies key upside targets at $5.47, $6.44, and $7.31, which represent potential profit-taking zones.
The $2.96 support level is crucial for maintaining the bullish outlook, serving as a potential re-entry point if a retracement occurs. A breach below this level would negate the upward bias, emphasizing the need for a tight stop-loss slightly below this support.
With strong technical indicators suggesting continued strength, SUI appears well-positioned to extend its rally toward $7.3, provided that buying volume remains consistent.
AI Forecasts SUI’s Year-End Price
To gain further insights into SUI’s potential, Finbold consulted ChatGPT-4o, which analyzed the token’s prospects given its recent highs. The AI model predicts SUI’s year-end price to range between $5.50 and $6.50, driven by robust ecosystem growth, record-high TVL figures, and strong trader sentiment.
In a bullish scenario, SUI could exceed $6, reflecting sustained demand and network activity. Under moderate market conditions, the price may stabilize around $5.00, while in a bearish scenario, the token could retreat to the $3.50–$4.00 range.
As the year progresses, investors are advised to monitor broader market sentiment and ecosystem developments, as these factors will significantly influence SUI’s price trajectory.
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