SUI leads the cryptocurrency market with 20% gains, will this rise continue?

Today, January 4, 2024, SUI, a top-tier blockchain, has gained significant attention from cryptocurrency investors and traders following its impressive upward momentum. Over the past 24 hours, while the majority of assets, including Bitcoin (BTC), Ethereum (ETH), and XRP, struggled to gain momentum, SUI led the market with a 20% upward move.

SUI is leading the cryptocurrency market

With this notable price rise, SUI is trading near $5.27 and has seen significant participation from traders and investors, resulting in record jumps in trading volume. Data from CoinMarketCap revealed that altcoin trading volume rose by 150%. This notable participation from traders and investors is also one of the main reasons behind the rise.

Long-term shareholders transfer assets

With this notable upward momentum, long-term holders, investors and retail traders have been found dumping SUI tokens, indicating potential profit booking, the on-chain analytics firm revealed. Quinglass. Data from Spot Inflow/Outflow reveals that exchanges saw an inflow of $15.60 million worth of SUI tokens.

In the cryptocurrency industry, the flow of assets from the wallets of long-term holders to exchanges signals a potential sell-off, which could create selling pressure and lead to lower prices. Despite all this dumping, SUI’s price remains solid above $5.

What drives the SUI Rally?

However, another potential reason for SUI’s bullish surge is the controlled issuance or opening of 82 million SUI tokens, which equates to 0.82%, along with the collaboration with ANT Digital Technologies for global adoption, and recent recognition from Cardano’s founder Charles HoskinsonAnd breaking the crucial resistance level.

SUI technical analysis and key levels

According to expert technical analysis, SUI recently broke the crucial resistance level of $4.90, which it has tried to break several times historically. In addition to the breakout, the altcoin managed to close a daily candle above the $5 mark, with strong interest from long-term traders and holders.

Based on the recent price action, a correction is possible, as the price appears to be over-extended. However, SUI may rise by 10% to reach the $5.75 level in the future.

Will the SUI Rally continue?

Current market sentiment, with rebounding prices, increased investor interest, recent collaborations, recognition from a major blockchain founder, and a recent hack, suggests that this rally could continue, and the price may continue to rise in the future.