SUI tops Crypto market with 20% gain, will this rally continue?
Today, January 4, 2024, SUI, the Layer-1 blockchain, has received a lot of attention from crypto investors and traders following its impressive flipping speed. Over the past 24 hours, while most assets including Bitcoin (BTC), Ethereum (ETH) and XRP have struggled to gain momentum, SUI has led the market with a 20% upward move.
SUI dominates the Crypto market.
With this significant price increase, SUI is trading at $5.27 and has seen a significant increase in trading volume due to high participation from traders and investors. According to data from CoinMarketCap, the altcoin's trading volume has increased by 150 percent. This participation of traders and investors is the main reason for the rally.
Long-term owners move properties
With this significant launch momentum, long-term holders, investors and retailers have been seen dumping SUI tokens, indicating that profits are possible, according to on-chain analytics firm Coinglass. Inflow/outflow data from the site shows that exchanges have received an outflow of $15.60 million worth of SUI tokens.
In the cryptocurrency industry, long-term wallet-to-currency assets are generating selling pressure and signaling bearish prices. Despite all of this going down, the SUI price remains strong above $5.
What is driving the SUI Rally?
However, another possible reason for the SUI flip is the release or unlocking of control of 82 million SUI tokens, equivalent to 0.82%, in partnership with ANT Digital Technologies for global adoption, the latest Acknowledgment from Cardano founder Charles Hoskinson and breaking the critical resistance level.
SUI technical analysis and key levels
According to expert technical analysis, SUI recently broke out of the critical resistance level of $4.90, which it has tried to break many times in history. In addition to the loss, the altcoin closed above the $5 mark with a daily candle with high interest from successful traders and long-term holders.
Based on the recent price action, the price seems overextended, so a correction is possible. However, SUI may rise by 10% to reach the $5.75 mark in the future.
Will the SUI Rally continue?
Current market sentiment, with a price recovery, increasing investor interest, recent collaborations, recognition from a major blockchain founder, and recent turbulence suggest that this rally may continue and the price It indicates that it will increase in the future.
