The Sui cryptocurrency posted a notable gain of 7.39% in the 24-hour period ending Sunday, reaching USD $2.60, even as it continues to grapple with a substantial decline of nearly 30% over the last month. The digital asset’s market capitalization stands at USD $9.45 billion, with daily trading volume hitting USD $1.04 billion.
This short-term rebound contrasts sharply with a 29.21% drop in the past 30 days and a 6.29% fall over the last seven days. Sui also remains significantly below its all-time high of USD $5.35, recorded on January 6, 2025, representing a loss of 51.28% from that peak.
Analysts attribute the recent upward movement to a technical bounce following a period of correction. The price opened at USD $2.42 and traded within a range of USD $2.44 to USD $2.60 during the latest 24-hour window.
Technical indicators suggest a potential short-term momentum shift. The Relative Strength Index (RSI) is at 45, moving out of previously oversold conditions. The Moving Average Convergence Divergence (MACD) shows a bullish cross with a positive histogram, indicating accelerating price action.
Despite the recent rally, Sui’s price remains below its 7-day Simple Moving Average (SMA-7) of USD $2.64 and its 30-day Simple Moving Average (SMA-30) of USD $3.19. The 200-day SMA at USD $3.29 continues to signal a longer-term bearish trend.
On-chain metrics provide some fundamental support for the asset. The Total Value Locked (TVL) on the Sui network has grown to USD $1.2 billion, a 15% increase over the past month. Daily transactions remain stable at 1.2 million, and active holders have grown by 2% weekly to 500,000.
The cryptocurrency ecosystem is seeing continued adoption through partnerships with various Web3 projects. Compared to peers like Solana, Sui shows a 30% higher on-chain growth, despite a 20% lower TVL.
In the derivatives market, funding rates for Sui perpetuals are slightly positive at 0.01%, indicating a marginal bullish dominance. Open interest in futures has increased by 5% to USD $500 million, reflecting enhanced market liquidity.
The broader market context shows Sui’s price movements are highly correlated with Bitcoin, with a coefficient of 0.85. The overall stability in the S&P 500 has also been a contributing factor. No major announcements or security breaches were reported for the Sui network in the last 24 hours.