SUI Token's 73% weekly rise leads the crypto market—Is a new price record just around the corner?

Source: Cointelegraph Original: "SUI token leads the crypto market with a 73% weekly gain - is a new price record within reach?"

Key Points:

The SUI price has increased by 23% within a day, with a trading price of $3.67 on April 25. This is part of a widespread rebound that began on April 21, during which SUI has risen over 73% in the past seven days.

Cointelegraph Markets Pro and TradingView data show that SUI rose from a low of $2.11 on April 21, reaching a maximum increase of 77% during intraday trading on April 25, to $3.71.

SUI/USD Daily Chart Source: Cointelegraph/TradingView

SUI's performance over the past seven days has made it the largest gainer among the top 100 cryptocurrencies by market capitalization.

The top gain on April 25 Source: CoinMarketCap

Positive fundamental factors have boosted the price of SUI.

The earnings of SUI mainly benefit from the launch of the Grayscale SUI Trust and the strategic cooperation between SUI and xPortal and xMoney, which issued virtual Mastercard in Europe, thereby enhancing investor confidence.

"SUI officially exits stealth mode," anonymous analyst Kyledoops said in an article on X on April 24.

"Grayscale just launched a trust, social chatting is exploding, and now its market value has surpassed AVAX and LINK," Kyledoops said, adding:

"This is not just hype in the retail industry - Wall Street is entering the SUI space. This momentum is different. It's real. And it's accelerating."

On April 23, Grayscale launched the Grayscale SUI Trust, allowing investors to gain exposure to SUI. The trust is now open to all eligible accredited investors.

Source: Grayscale

The latest collaboration between SUI and xPortal with xMone further promotes this trend, launching a virtual Mastercard that enables 2.5 million European users to use the token at over 20,000 merchants through Apple Pay and Google Pay.

Source: Sui Network

The continuously evolving DeFi ecosystem of Sui

Sui remains among the top 10 layer-1 blockchains, with a total locked value of (TVL) exceeding 1.65 billion dollars. The chart below shows that SUI's TVL has grown by approximately 40% over the past seven days.

Sui Network: TVL and Daily DEX Trading Volume Source: DefiLama

Compared to other top networks, SUI leads its competitors in TVL returns over daily, weekly, and monthly time frames, as shown in the figure below.

Comparison of TVL performance on top-layer-1 blockchains Source: DefiLama

The daily DEX trading volume of SUI has increased by over 177% in the past week, reaching $599 million. This far exceeds the increases of 68% and 67% for BNB Chain and Solana, respectively.

Despite Ethereum's market capitalization of $10.6 billion, which still makes it the undisputed leader, this figure has declined by more than 14% over the past seven days.

Will SUI set a new historical high?

From a technical perspective, the SUI price gained upward momentum after breaking through the descending wedge pattern, as shown in the figure below.

After breaking through the several-month resistance trend line of around $2.20, SUI reached the wedge technical target of $3.30.

Currently, Bulls are focused on the historical high of $5.35 set on January 6.

SUI/USD Daily Chart Source: Cointelegraph/TradingView

Since April 20, the Relative Strength Index (RSI) has increased from 45 to 78, strengthening the bullish momentum.

However, in order to maintain a sustained recovery, the SUI price must first overcome the resistance between $4.50 and $5.10 before entering the price discovery phase.

According to the weekly chart of Elliott Wave analysis, an anonymous analyst has set a "huge" price target of $11.50 for SUI based on Bitcoin consensus.

Source: Bitcoinsensus

This article does not contain investment advice or recommendations. Every investment and transaction involves risks, and readers should conduct their own research before making decisions.