Yet, one next-generation layer-1 blockchain Sui (SUI) has skyrocketed several hundred percent in the last week. It has already climbed an amazing 43%! This rapid increase has launched Sui to the 12th-largest cryptocurrency by market cap, even overtaking Avalanche (AVAX). The rally is attributed to increased memecoin activity on the Sui network and Grayscale opening its SUI Trust to accredited investors.
The cryptocurrency’s current market cap is US$9.5 billion (AU$14.9 billion), which is up about 8.61% in the past 24 hours. Sui’s price is sitting at US$2.92 (AU$4.58), having recently reached a local peak of US$3.058 (AU$4.807).
Market Performance and Analysis
Sui’s 24-hour trading volume has increased by 58%. It jumped to a breathtaking US$2.72 billion (AU$4.27 billion), indicating robust investor appetite and a buoyant market atmosphere. Sui chart analysis Sui has been making higher highs and higher lows inside of an ascending wedge technical pattern since June 2023.
Analyst Bitcoinsensus, with over 116,000 followers on Crypto Twitter (CT), has made an ambitious price target of US$11.50 for Sui! That’s the same as AU$18.07! This quarterly projection amounts to almost four times its current market value and has been considered as huge by some of the traders.
$SUI Massive Price Projection Target🔥Sui has been moving in waves inside this ascending wedge that has been forming since June of 2023.We now also have got a bullish high time-frame confirmation with a break of trend on the RSI on the weekly.Next price target for $SUI on…" - Bitcoinsensus
In the last few weeks, Sui’s price has more than tripled. This jump is concurrent with increased memecoin activity, including $LOFI and $BLUB, on the Sui network. Grayscale’s announcement that they would open their new SUI Trust to eligible accredited investors has almost certainly fueled the jump in trading volume. This move has further helped improve general market sentiment.
bullish high time-frame confirmation with a break of trend on the RSI on the weekly - Bitcoinsensus
Factors Driving the Surge
Raoul Pal, a seasoned trader and macro-observer, has placed his bets on Sui as a winner in the new cryptocurrency winner’s circle. These factors together have stoked Sui’s bullish fire and caught the eye of investors massively.
Sui is designed as a high-performance, scalable, layer-1 blockchain. It advocates for simple and intuitive Web3 experiences, equal and fair global adoption. Its recent market performance proves that investors are becoming more confident in its technology and potential.
Sui's Potential and Future Outlook
Bitcoinsensus further predicts a price of US$11.50 (AU$18.07) for Sui. This sunny prediction gets a boost in validity thanks to support from powerful people such as Raoul Pal. As with any cryptocurrency, including those in the metaverse, investors should be wary and do their own research before investing.
The price projection of US$11.50 (AU$18.07) by Bitcoinsensus, coupled with positive endorsements from prominent figures like Raoul Pal, suggests a promising outlook for Sui. However, as with all cryptocurrencies, investors should exercise caution and conduct thorough research before making any investment decisions.
