SUI price surged to all-time high price of $3.300 on Monday, extending its winning streak to three successive days, during which it has gained more than 36 percent. At the time of writing SUI traded at $3.200, up by 5.4 percent on the daily chart. The crypto coin has seen its market capitalisation grow to $9.1 billion to become the 14th largest digital currency by market capitalisation.
Significantly, Sui coin has overcome the much-publicised insider trading allegations that rocked the Sui Foundation and Mysten Labs in late October. Sui’s upside could have more room in the near-term, as its relative low price is an incentive for more buyers to use it to diversify their portfolio.
SUI has risen by 64 percent in the last week, and is up by 312 percent year-to-date, outperforming all the top ten cryptocurrencies, including Bitcoin. This underlines a strong bullish undercurrent that could support further gains in the near-term.
The crypto market rally started last week, on the back of Donald Trump’s re-election as US president. The bullish momentum could strengthen further in the coming days and weeks if Trump makes definitive action plans concerning the cryptocurrency industry.
Meanwhile, the SUI DeFi ecosystem has seen substantial growth in recent days. Its Total Value Locked (TVL) has risen by 40 percent in the last week to stand at $1.37 billion, as per DeFiLlama data. Thatmakes it the best-performing DeFi blockchain among the top 18 chains.
The momentum indicator on the chart below calls for further gains by SUI price, with the pivot price at 3.235. That will likely see the first resistance come at 3.300. However, if the buyers extend their control, the price could break above that barrier and test 3.338.
On the other hand, moving below 3.235 will favour the sellers to take control. With that, the first support will likely be at 3.207. However, if the momentum strengthens, it could break below the first support and invalidate the upside narrative. Meanwhile, the decline could extend to test 3.177.
This post was last modified on %s = human-readable time difference 11:58