Date: Sat, Nov 09, 2024, 05:00 PM GMT
The crypto market is experiencing a bullish surge as Bitcoin (BTC) has reached unprecedented heights, hitting $77,000 today after three consecutive all-time highs.
This bullish momentum is also driving an altcoin rally, with one of the top Layer 1 tokens, Sui (SUI), reaching a new all-time high (ATH) of $2.39. Currently trading at $2.36, SUI has shown a significant surge of over 5% today and has marked a 23% rally in the past 7 days.
Sui Network Aggregators Hit $6 Billion
One of the major factors behind SUI’s impressive rally is the continued growth in its on-chain metrics. According to crypto analyst @Torero_Romero, SuiNetwork aggregators recorded a $6 billion trading volume this month, the highest ever recorded.
This surge in trading volume indicates increased market activity and interest, which is often a precursor to price appreciation.
Ranking Among Top Blockchains in 2024
In terms of transaction volume, SuiNetwork ranks 4th among blockchains with the most transactions in 2024, boasting 1.59 billion transactions. It stands just behind prominent networks like TRON, NEAR, and Solana.
Additionally yesterday, SuiNetwork’s lending protocols have reached a new all-time high with $685 million in total value locked (TVL), reflecting increased user engagement and growing demand for its DeFi services.
Technical Outlook
The 4-hour chart of SUI/USDT showcases a strong bullish momentum. After breaking out from a descending resistance trendline, SUI quickly surged towards the $2.39 level, marking a new all-time high. Currently, SUI is trading within an upward channel, forming a bullish flag pattern — a consolidation phase typically seen as a continuation pattern.
The Relative Strength Index (RSI) is hovering around the 70 level, suggesting that the asset is in the overbought territory. However, the RSI remains strong, indicating that there might still be room for further upside.
A breakout above the upper trendline of the flag pattern could signal a continuation of the rally, potentially pushing SUI towards the $2.50 and $2.70 levels. On the flip side, if SUI faces rejection at the current resistance, we might see a retest of support around the $2.20 level before a potential bounce back.
What to Expect Ahead?
With the ongoing bullish sentiment in the crypto market and Sui’s increasing on-chain activity, the outlook for SUI remains positive. Traders should keep an eye on the $2.40 level for a potential breakout, as it could open the path to further gains. However, caution is advised, especially with RSI levels suggesting overbought conditions.
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