The native token of the decentralized smart contract platform Sui (SUI) started the week with high all the time of $4.96, fueled by an overall bullish trend in the cryptocurrency market.
The move was short-lived, as SUI experienced a big move on Friday, dropping nearly 30% to $3.49. However, the token quickly recovered, stabilizing at around $4.55, representing a 12.8% increase from the week's low and just 8.9% shy of its all-time high,
SUI Surge amid market volatility
In contrast, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have continued to gain experience downward corrections following the US Federal Reserve's (Fed)0 recent decision on interest rates.
The Fed's dovish stance has had a negative impact on risk assets, adding to the general bearish sentiment in the market which led the market's top crypto, to recover almost 10% from its peak of $108,000.
The volatility surrounding SUI resulted in nearly $14 million in liquidation across both long and short positions on centralized exchanges, with Binance reporting the highest liquidation levels within the past 24 hours ' gone, according to data from Coinalyze.
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In particular, there is a recent analysis marked that Sui ranks third in net inflows over the past three months, with nearly $1 billion entering the network, highlighting the growing investor interest in SUI, further strengthened by a new partnership with Phantom wallet.
Crypto analyst Route 2 FI noted in a recent social media post on X (formerly Twitter), that the bullish turn in the price of SUI reflected strong investor sentiment, ending with the highest level of symptoms at the beginning of the week.
Analyst targets $6 as Market Momentum builds
Michael van de Poppe, another distinguished analyst, pointed out the large daily candlestick movement in SUI, confirming that the price went down to support before bouncing back quickly. He expressed hope that this trend is not far from over, suggesting that SUI could continue its upward path with a target of $6 in sight.
The recent increase in SUI price is also expected to draw Bitcoin liquidity into its ecosystem, further promoting the token. bullish expectations. Technical analyst Rekt Capital pointed out that SUI has effectively retested after implementing a break from its rally zone.
So right was noted that strategic partnerships with Babylon Labs and Lombard Finance would facilitate the integration of Bitcoin liquidity, which could greatly benefit the Sui platform.
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The growing interest in SUI raises questions about its possible performance in 2025. However, recently the crypto researcher Eyezenhour pressure while there are several reasons for optimism regarding SUI's future, attention is the main factor.
The researcher claims that the Sui Network has begun to capture institutional investors, a trend attributed to its strength. technologyan upcoming merger with Phantom and Backpack, and a talented core and executive team.
This is expected to continue through the current bullish cycle and into 2025, adding to the bullish sentiment for the altcoin as the year draws to a close.
Featured image from DALL-E, chart from TradingView.com
