Sui Price Soars Over 55% This Week: Bullish Momentum Takes Hold

Sui Price Hits New High: Bullish Sentiment and Institutional Backing Drive Gains

Sui Price – Since the beginning of this week, Sui (SUI) has experienced a significant price surge, rallying more than 55% to reach approximately $3.29 on Thursday, April 24, during the late North American trading session. The large-cap altcoin, with a fully diluted valuation of around $32.8 billion and a 24-hour average trading volume of approximately $3 billion, has led the top 20 crypto assets in bullish sentiment following today’s 11% gain.

Sui Futures Open Interest and Volatility Soar

In the past 24 hours, Sui’s Futures Open Interest (OI) surged by 21%, climbing to $1.29 billion from $491 million on March 11. This surge in open interest is a clear indication of growing market interest and heightened volatility. As a result, more than $12.88 million was liquidated from Sui’s leveraged market, showcasing the ongoing market dynamics.

Sui Network’s Growth and Institutional Interest

The Sui network has seen explosive growth in recent months, largely driven by increasing demand from institutional investors. As of this writing, the Sui network holds a Total Value Locked (TVL) of approximately $1.45 billion and a stablecoins market cap of about $865 million. The network’s growth is further fueled by strategic investments from prominent institutional players, including Space and Time and Grayscale Investments, announced in the past 24 hours.

Additionally, on Thursday, the Sui Network launched the Sui Mastercard, in collaboration with the xPortal crypto wallet, signaling further expansion and adoption.

Sui’s Technical Indicators Suggest Bullish Momentum

On the daily chart, SUI’s MACD has crossed above the signal line, indicating that buyers are currently in control. Furthermore, the Relative Strength Index (RSI) has surpassed the 70% mark, suggesting the possibility of a parabolic rally in the near term.

The growing institutional support and strong technical indicators position SUI as one of the most promising assets in the crypto space.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.