- The SUI token has reached a new year-high trading price.
- SUI has maintained a positive upward trend over the past months.
- The crypto market is struggling to rebound following a week-long downward trend.
SUI, the native token of the Layer-1 blockchain and smart contract platform dedicated to digital asset ownership Sui, has thrived over the past months, outperforming most assets with new milestones in trading price and across its broader ecosystem. Despite the current cautious sentiment across the market, the native token has managed to buck the trend, notching healthy gains in recent weeks.
SUI has continued the upward trajectory and breached its month-long price resistance to new heights.
SUI Hits $2 in Fresh Rally Start
On Wednesday, March 27, SUI started its trading session on a strong note, rallying to a new year-to-date price high of $2.06.
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The surge marks a 17% increase in SUI’s price over the past 24 hours, bringing its total gains over the past month to a healthy 28.3%.
While SUI has quickly slipped below its newly reclaimed peg, the token’s bullish trend over the past three months, which has seen a staggering 143% upward notch in price, is fueling optimism regarding its ability to reclaim the peg and breach its all-time high trading price of $2.16.
At press time, SUI is wavering at a trading price of $1.97, shedding nearly half of its gains over the past hour. However, despite this recent decline, the token price increase has outpaced most assets, many of which are struggling to recover from their week-long downward trend.
Bitcoin Leads Market Slip
Following an impressive rally to new price heights in the past weeks, the crypto market has experienced a bearish sentiment, with many assets slipping to new lows and surrendering gains.
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Leading the charge is Bitcoin (BTC), which has slipped approximately 5.6% from its all-time high of $73,780. It is currently trading at $67,786, still marking a 10% rebound from its week-low.
Other cryptocurrencies including Ethereum (ETH) and Solana (SOL) have dropped by approximately 14% and 11% from their year-high trading prices, positioning both as some of the top losers of the past week. Cardano (ADA), Avalanche (AVAX), and Binance Coin (BNB) also joined the ranks of losers, each experiencing declines of 23%, 16%, and 9% respectively.
On the Flipside
- Despite SUI’s upward tick, the token current price is down 10.2% from its all-time high.
- The total value locked on Sui has surged by an impressive 248% over the past three months, reaching $696 million from its year-start value of $200 million.
- Sui has recently debuted its first-ever global conference in collaboration with Mysten Labs.
Why This Matters
The surge in SUI’s price aligns highlights its ability to defy negative market trends and mount up impressive gains. However, SUI’s journey to reclaim its all-time high price after over a year is not solely reliant on past achievements, and its ability to sustain the present momentum amidst market volatility will dictate its trajectory.
Here’s how SUI’s price has defied its slowing TVL momentum to new highs:
SUI Surges 28% in 7 Days Despite Slowing TVL Growth
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