Sui, a blockchain platform, has seen its native token surge more than 18% in the past 24 hours, trading at $1.62 and breaking a multi-month bearish trend.
The cryptocurrency’s daily trading volume reached $1.14 billion, marking a 20.79% increase above its 30-day average. Its market capitalization now stands at $6.07 billion.
This sharp price movement suggests a potential turning point after a period of significant decline. The token had previously fallen 26.41% over the last 30 days.
Sui opened the day at $1.37 and closed at $1.62, surpassing its prior closing price of $1.36.
The current price now sits above its 7-day simple moving average of $1.48, signaling a short-term bullish bias among traders.
From its all-time high of $5.35 in January 2025, Sui had lost nearly 70% of its value before this recent rebound.
Analysts note that strong technical indicators and renewed investor interest appear to be driving the rally. There have been no major fundamental news announcements in the last 24 hours.
Social media sentiment has turned largely positive, with online discussions indicating growing interest in the token’s rebound.
On-chain metrics show increased activity, with daily transactions estimated at 5 million and active holders growing 10% weekly.
In the derivatives market, funding rates for perpetual contracts are positive at 0.01%, suggesting a dominance of long positions. Open interest in futures contracts has also risen 15% to $500 million, signaling increasing bullish bets.
Despite the recent gains, some risks remain, including scheduled token unlocks that could dilute supply and broader macroeconomic factors influencing the crypto market.
Sui’s total value locked (TVL) in decentralized finance (DeFi) protocols stands at $1.2 billion, supported by platforms like Scallop. The network’s partnerships with entities such as Mysten Labs continue to bolster its utility in Web3 and non-fungible token ecosystems.