What’s next for SUI after rallying 13% this week to reclaim $3?

The cryptocurrency market has been bullish so far this week, with Bitcoin hitting the $110k level. Ether also rallied above $2,600 while XRP, Solana, and Cardano all recorded gains. However, SUI, the native coin of the Sui network, is the best performer among the top 20 cryptocurrencies by market cap this week. SUI added 13% to its value in the last seven days, crossing the $3 mark. The coin could rally higher amid strong institutional demand or could undergo a correction. Lion Group’s $600 million crypto treasury plan fuels SUI’s rally Sui Network’s SUI added almost 15% to its value over the last seven days, outperforming other major cryptocurrencies. The positive performance comes after Lion Group Holding Ltd. (LGHL) announced last week that it intends to acquire SUI tokens as part of a broader $600 million crypto treasury strategy. The Sui blockchain has recorded excellent growth in recent months as it positions itself as Solana’s primary competitor in the layer-1 ecosystem. A report by Electrical Capital revealed that Su recorded a remarkable 54% developer growth over two years, while most crypto ecosystems underperform. With over 325 full-time developers and more than 1,300 total devs, Sui is now one of the top five most actively developed blockchains. SUI could rally higher, forming strong support at $2.87 The SUI/USD 4-hour chart is bullish and efficient, indicating that the bulls have swept liquidity to the downside and are preparing for another leg up. SUI has rebounded from a local bottom of $2.7854 and crossed the $3 mark a few hours ago. At press time, SUI is trading at $3.0027, up 1.4% in the last 24 hours. Momentum indicators, such as the MACD and Bull/Bear Power, have flipped bullish thanks to Sui’s ongoing rally. The Relative Strength Index (RSI) of 62 also shows that SUI is not yet in the overbought region, suggesting further upside movement. If the bullish momentum continues, SUI could look to cross the first resistance level at $3.1687. However, the major resistance level above $3.55 could be SUI’s ideal target over the next few days. Sui would need the support of the broader crypto market to rally to the $4.2 mark for the first time since May 22nd. However, SUI might still undergo a correction after this rally. If that happens, the coin could test the first major support level at $2.866. A break below this could see SUI dump to the 4-hour Transactional Liquidity (TLQ) level at $2.6661. Currently, Sui’s onchain metrics support the bullish narrative. Data obtained from DeFiLlama revealed that the Total Value Locked (TVL) on the Sui blockchain stands at $1.86 billion, up 7% in the last 24 hours. Sui’s DEX 24-hour volume also rose to $337 million. The blockchain also has 869,800 daily active addresses and 4.5 million transactions in the last 24 hours. The increased numbers come after weeks of decline, suggesting growing interest in the Sui ecosystem. The post What’s next for SUI after rallying 13% this week to reclaim $3? appeared first on Invezz

Source: Invezz