This article is available in Spanish.
The native token of the decentralized smart contract platform Sui (SUI) started the week with a highest ever of $4.96, supported by an overall bullish trend in the cryptocurrency market.
The momentum was short-lived as SUI experienced a significant retracement on Friday, plummeting nearly 30% to $3.49. However, the token quickly recovered and stabilized at around $4.55, representing a 12.8% increase from the week’s low and just 8.9% below the record price.
SUI rises amid market volatility
In stark contrast, major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are still suffering downward corrections following the recent decision of the US Federal Reserve (Fed) on interest rates.
The Fed’s dovish stance has negatively impacted risky assets, contributing to an overall bearish sentiment in the market, sending the leading crypto market down nearly 10% from its all-time high of $108,000.
The volatility surrounding SUI led to nearly $14 million in liquidations across both long and short positions on centralized exchanges, with Binance reporting the highest liquidation rates in the past 24 hours, according to facts from Coinalyse.
Related reading
Recent analyzes have notably done so indicated that Sui ranks third in terms of net inflows over the past three months, with nearly $1 billion entering the network, highlighting growing investor interest in SUI, further boosted by a new partnership with Phantom wallet.
Crypto analyst Route 2 FI noted in a recent social media post on
Analyst targets $6 as market momentum increases
Michael van de Poppe, another respected analyst, pointed out the substantial daily candle move in SUI, highlighting the price dipping into support before quickly bouncing back. He expressed optimism that this trend is far from over, suggesting SUI could continue its upward trajectory with a $6 target in sight.
The recent surge in SUI’s price is also expected to attract Bitcoin liquidity into its ecosystem, further increasing the value of the token. bullish outlook. Technical analyst Rekt Capital highlighted that SUI has effectively retested post-breakout from the reaccumulation range.
Also stretches noted that strategic partnerships with Babylon Labs and Lombard Finance would facilitate the integration of Bitcoin liquidity, which could significantly benefit the Sui platform.
Related reading
The growing interest in SUI raises questions about its potential performance in 2025. However, crypto researcher Eyezenhour recently emphasized that while there are numerous reasons for optimism about the future of SUI, the most important factor is attention.
The researcher claims that the Sui Network is beginning to captivate institutional investors, a trend attributed to its dominance technologyupcoming integrations with Phantom and Backpack, and a talented core and executive team.
This is expected to continue throughout the current bullish cycle and into 2025, adding to the bullish sentiment for the altcoin as the year comes to a close.
Featured image of DALL-E, chart from TradingView.com
Credit : www.newsbtc.com
