Sui Network (SUI) has performed well in 2024. Marking SUI it as the top performer among the top 100 cryptocurrencies by market cap. With a remarkable increase of 224.96% year-to-date, SUI price has consistently outpaced other major players.
The rapid ascent was evident as SUI price recently hit a new high of $3. It was a milestone that announced its growing dominance in the market. The surge in SUI’s value could be attributed to its unique blockchain offerings. As well as increasing adoption in the DeFi and NFT sectors, which resonate well with investors.
The consistent upward trajectory suggested that investor confidence in SUI was robust. If the trend continued, it could potentially maintain or even extend its lead. SUI might see further gains as the network expands its ecosystem, potentially leading to other new ATHs in the near future making it crucial to watch.
SUI Price Has Outstanding Potential: Why?
Price action on SUI revealed an upward trajectory that began with a strong base at the $1.60 level. This price level provides an aggressive entry area that has proved beneficial for early traders. Following a consolidation phase, SUI price successfully held at a crucial support level around $1.75. This sparked a dynamic surge to a new all-time high, exceeding $3.
The recent surge represented a decisive breakout through the previous resistance at $2, aligning with the Fibonacci extension levels, indicating potent bullish momentum. The increasing trade volumes bars was an indication confirmed the price movement’s strength.
If SUI price holds above the previous high, $2, as support there’s a plausible trajectory towards $5-6 in the near future. The target is supported by the fact that Fibonacci extension tool pointed to $2.37 and $2.84 previously and were reached, confirming SUI could indeed extend its gains.
The overarching market sentiment, reflected by large volume bars and the SUI’s upward slope, hinted that SUI may continue to capture trader interest, propelling it towards these ambitious levels. As such, stakeholders should monitor these key support zones to gauge SUI’s ability to sustain its bullish pace.
SUI Memes Perform as TVL Grows by 500% in a Year
Additionally, Sui Network’s meme tokens continued to showcase phenomenal growth, highlighting their role as players within the ecosystem. UNI surged by 170%, marking itself as the top performer.
Close behind, SUIMAN posted a 151% increase, while NAMI also showed impressive momentum with a 95.81% rise. The gains highlighted growing fascination and investment in meme tokens associated with the SUI as it favors these assets.
The success of the tokens, especially in the context of broader DeFi activities on SUI, suggested that the ecosystem was gaining traction as its TVL also grew by more than 500% this year alone.
After reaching a new all-time high of $3 recently, SUI is now eyeing the $6 mark. The enthusiasm around meme tokens, combined with active participation in the DeFi sector, could provide the necessary market sentiment and volume to push SUI higher, fulfilling the community’s anticipation of an extended bull run.
