SUI Targets $2 All-Time High Recovery Amidst Market Rally

SUI records major price increase in seven-day rally with sights set on reclaiming its all-time high.

Hand holding a hovering SUI.
Created by Kornelija Poderskytė from DailyCoin
  • The SUI token is recording notable price gains as the crypto markets gain momentum.
  • SUI is on a path to reclaim its all-time high trading price of May 2023.
  • The Sui blockchain has enjoyed a positive run this year, recording major milestones. 

SUI, the native token of the Layer-1 blockchain and smart contract platform Sui, has had an impressive run over the past months, swiftly recording double-digit gains and increasing its year-start trading price. 

The ongoing Bitcoin rally, rippling through the wider market with bullish sentiment, has further propelled this, skyrocketing SUI’s value and posing the question of whether it will reclaim its once-price high. 

SUI to Reclaim $2? 

Currently trading over $1.9, SUI has recorded an approximate 7% gain in the last 24 hours, aligning with the broader upward tick in the crypto market.

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This marks an approximate 147% increase from its year-start price range of $0.77 to $0.80 and a healthy 26% in a seven-day rally. Despite the gains, SUI still sits at a 10% decrease from its all-time high price of $2.16.

SUI price chart.
Source: CoinGecko

SUI’s parabolic run has landed it a spot among the top 50 assets by global market capitalization, currently sitting at the 47th. This coincides with the surge in its blockchain’s Total Value Locked (TVL) and impressive performance.

Sui In Top Ten by TVL

The Layer-1 solution Sui has seen a notable increase in the assets deposited on its chain over the past four months, now sitting among the top ten chains by TVL with over $609 million.

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This surpasses Base and Cardano by considerable margins, which sit at 13th and 14th, respectively.

Sui’s current TVL marks a 92% increase from its $317 million value at the start of the year and an approximate 2,5000% surge over four months.

The layer1 blockchain is also experiencing a notable surge in on-chain activity, landing a spot among the top five most active chains with over 700% in weekly DeFi volume.

On the Flipside 

  • Despite SUI’s upward tick, its ability to make a dash at $2 is contingent on various market factors.
  • The pre-scheduled $962M token unlock for SUI is expected to occur on May 3, 2024. 
  • On February 12, the Sui Foundation unveiled an academy in collaboration with UAE-based AUS to foster blockchain education at university level.

Why This Matters

The price increase highlights SUI’s upward trajectory since the year’s start, fueling hopes of reclaiming its all-time-high trading price. However, the industry’s volatility may challenge its road ahead, and its ability to maintain this momentum will determine whether it upholds its position as a top-performing altcoin.

Read more about Sui’s price performance and path to the top ten blockchains rank:
Sui Challenges Top 10 Spot as TVL Surges Past $418M
To find out more about phishing scams in the industry, read here:
Phishing Scam Drains Ethereum Safe Contracts for Over $400K

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.