SUI, the native token of the Layer-1 blockchain Sui, has been on a tear over the past 24 hours. Its price reached a new all-time high of $4.91 during Thursday’s early Asian session amid an uptick in trading activity.
While its value has slightly dipped by 1% from this peak, SUI has maintained a 30% price hike over the past 24 hours, making it the market’s top gainer.
SUI Records New Peaks
SUI’s double-digit surge has been fueled by Wednesday’s announcement of Backpack’s integration with the Sui blockchain. The news sparked an 18% surge in SUI’s price during that day’s trading session as the blockchain saw an uptick in user activity.
This surge in user activity is reflected in Sui’s decentralized finance (DeFi) total value locked (TVL), which has also rocketed to a new all-time high. Per DefiLlama, Sui’s TVL is $1.84 billion as of this writing, surging 17% in the past 24 hours.
When a network’s TVL climbs, more capital is being staked, deposited, or utilized within its ecosystem, indicating growing user activity. This can positively impact an asset’s price, as higher TVL often signals strong demand, increased activity, and confidence in the underlying network.
In addition to its surging TVL, SUI’s decentralized exchange volume has also increased. In an X post, SUI said that its total DEX volume had surpassed $35 billion as it set a new 24-hour record of over $466 million in DEX trading activity. Per Artemis’ data, the network’s DEX volume has climbed by 170% since the beginning of December.
SUI Price Prediction: A Rally Above the All-Time High Is Possible
SUI is currently trading at $4.83, reflecting a 30% increase in the past 24 hours. The daily chart shows a rising Chaikin Money Flow (CMF), standing at 0.19, confirming sustained demand for the coin.
The CMF measures buying and selling pressure over a specific period using price and volume data. A positive reading indicates that buying pressure exceeds selling pressure, signaling bullish sentiment and the potential for continued upward momentum in the asset’s price.
If this trend persists, the SUI coin price will reclaim its all-time high of $4.91 and surge past it. On the other hand, if profit-taking activity commences, the SUI coin price may drop to $3.96, invalidating this bullish outlook.
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