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The native token of decentralized smart contract platform Sui (SUI) started the week with Highest level ever Valued at $4.96, supported by the overall uptrend in the cryptocurrency market.
The momentum was short-lived, as SUI saw a major bounce on Friday, falling nearly 30% to $3.49. However, the token quickly rebounded, settling at around $4.55, representing a 12.8% increase from the week’s low and just 8.9% from its record price.
SUI rises amid market volatility
In stark contrast, major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have continued to experiment Downward corrections After the recent decision taken by the US Federal Reserve (Fed)0 regarding interest rates.
The Fed’s dovish stance has negatively impacted risk assets, contributing to an overall bearish market sentiment that has seen market-leading cryptocurrencies retreat nearly 10% from the record high of $108,000.
The volatility surrounding the SUI led to nearly $14 million being liquidated across both long and short positions on centralized exchanges, with Binance recording the highest liquidation rates in the past 24 hours, according to Data From Quinalyze.
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It is worth noting that the last analysis occurred Shown That Sui ranked third in net inflows over the past three months, with nearly $1 billion entering the network, highlights growing investor interest in SUI, fueled by a new partnership with Phantom Wallet.
Cryptocurrency analyst Route 2 FI noted in a recent social media post on
The analyst targets $6 as market momentum builds
Michael van de Poppe, another respected analyst, He pointed out The large daily candle movement in SUI, confirms that the price fell to the support level before quickly bouncing back. He expressed optimism that this trend is far from over, suggesting that SUI could continue its upward trajectory with a $6 target on the horizon.
The recent surge in SUI price is also expected to attract Bitcoin liquidity into its ecosystem, further enhancing the value of the token. Upside prospects. Technical analyst Rekt Capital highlighted that SUI effectively executed a post-breakout retest of its reaccumulation range.
This is correct male Strategic partnerships with Babylon Labs and Lombard Finance would facilitate the integration of Bitcoin liquidity, which could greatly benefit the Sui platform.
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The growing interest in SUI raises questions about its potential performance in 2025. However, cryptocurrency researcher Eyezenhour recently said Confirm Although there are many reasons to be optimistic about the future of SUI, the main factor is interest.
The researcher asserts that the Sui network has begun to attract institutional investors, a trend that can be attributed to its dominance technologyAnd upcoming integrations with Phantom, Backpack, and a talented core and executive team.
This is expected to continue throughout the current bull cycle and into 2025, adding to the bullish sentiment for the altcoin as the year comes to a close.
Featured image of DALL-E, chart from TradingView.com