- Sui (SUI), a layer-1 blockchain developed by former Meta experts, surged 42% to US$2.92, achieving a US$9.5 billion market cap and moving to rank 12.
- The rally coincided with increased memecoin activity on Sui and Grayscale opening its SUI Trust to accredited investors, boosting trading volume by 58%.
- According to analyst Bitcoinsensus, Sui shows bullish technical indicators with a potential price target of US$11.50, nearly four times its current value.
Sui (SUI), the popular layer-1 blockchain, has rallied over the past week, gaining as much as 43%. At the time of writing SUI trades for US$2.92 (AU$4.58), after it had reached a local top of US$3.058 (AU$4.807).
With the recent bullish momentum, Sui has reached a market cap of US$9.5 billion (AU$14.9 billion), an increase of 8.61% in the past 24 hours and has left Avalanche (AVAX) in the dust, moving to rank 12 by market cap.
Additionally, the 24-hour trading volume surged by 58% to US$2.72 billion (AU$4.27 billion).
Read also: Block Earner Wins Big: Aussie Court Throws Out Crypto Lending Case
What’s Sui?
Sui is a next-gen layer-1 blockchain built for global adoption, offering high performance, scalability and user-friendly Web3 experiences.
Developed by Mysten Labs, a team of former Meta blockchain experts, Sui introduces innovations like an object-centric data model, the Move programming language, and tools like zkLogin to streamline blockchain interaction and accessibility.
Why Did Sui Rally?
There’s some evidence that Sui rallied on an increase in memecoin activity on the blockchain. Memes like $LOFI and $BLUB have soared in the past week while the broader memecoin sector has received renewed attention with Donald Trump’s revelation of an exclusive dinner for top TRUMP holders.
Then there’s the ongoing buzz around Grayscale’s SUI Trust, now open to “eligible accredited investors”, which is driving positive sentiment.
Read also: Cantor, SoftBank, Tether, Bitfinex Team Up for $3B Crypto Mega-Venture
Sui’s Outlook Ahead
So, what’s the Sui price going to look like in the future? Predictions are difficult, of course, especially with a president known for changing course faster than the headlines can keep up. But according to Raoul Pal, a seasoned trader and macro-observer, Sui coin is a winner:
If you’re after more solid technical analysis, Bitcoinsensus, a trader and analyst with over 116k followers on CT, says Sui received “bullish high time-frame confirmation with a break of trend on the RSI on the weekly”.
The price target for the trader is US$11.50 (AU$18.07), close to a 4X from here.
Credit: Source link
