SUI, the native digital asset of the layer-1 Sui Network, continues to show impressive performance despite ongoing consolidation in the broader market. As evidenced by its persistence in holding more than a $4 price per coin, SUI price has now decoupled from Bitcoin (BTC).
SUI Price Soars to ATH as Market Consolidates
SUI climbed to as high as $4.5 during the day, marking a new all-time high (ATH) for the cryptocurrency.
The surge in value has propelled SUI’s market capitalization beyond the $12 billion threshold. SUI is now positioned as the 18th largest digital asset in the market in terms of market capitalization.
In comparison, Bitcoin’s price plummeted by almost 7% within the last 24 hours, temporarily losing its recent major milestone of $100,000.
At the same time, SUI’s price fluctuated by 4%, which is considered a move within normal daily volatility for an altcoin. More importantly, the price has returned above $4 per SUI at the time of writing.
SUI is positioned at a level slightly affected by the turmoil in the broader crypto market. Besides Bitcoin, altcoins, including XRP, Solana (SOL), and Cardano (ADA), are experiencing notable price declines.
In the last 24 hours, the price of XRP and SOL fell by 0.5% and 0.9%, respectively. Similarly, ADA’s price declined by 0.95% within the same period.
Top memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) did not escape the volatility. While DOGE’s price was down 1.5% on the daily chart, SHIB’s fell by 2.63%.
Phantom Integration and the Impact on SUI
The remarkable spike in SUI’s value is closely tied to the substantial growth within its ecosystem.
The network recently announced integration with the Phantom wallet. The integration highlights Sui’s plans to expand in the Decentralized Finance (DeFi) sector.
Phantom is a popular wallet that aims to provide efficient and user-friendly access to DeFi.
Integrating with Sui will give users more liquidity, expanding the network’s capabilities. This could lead to more transaction activity and value flowing into the network.
The value of SUI could also increase as more individuals flock towards the blockchain.
Is $7 Target Possible?
As Sui continues to carve its path in the crypto landscape, observers closely monitor the asset to see whether it could climb to $7. Despites its ATH, the coin is not overheated yet.
As seen in the chart, despite the rally, the Relative Strength Index (RSI) is at 60, implying it is not at the oversold region yet.
The market’s response to Sui’s technical innovations and partnerships will likely play a crucial role in determining the trajectory of this rising digital asset.
For now, SUI seems on a healthy growth trajectory with no signs of slowing down. Market sentiment is largely bullish, with expectations of staying on the same track.
SUI’s rally toward $7 also depends on Bitcoin’s next move. Bitcoin’s price bullish performance over the past week pushed the market into extreme greed.
With the coin now trading at $99,159, the expectations of a return to local highs might fuel a market-wide rebound. SUI could move forward based on the correlation between altcoin and Bitcoin prices.
