Recent market trends have seen the Sui blockchain native token, SUI, experience significant growth, reaching a new price peak during the latest market recovery.

SUI’s Recent Price Movement

SUI recently hit a new all-time high of $4.91, marking a 38% gain in December alone. This builds on an impressive 76% rise in November, signaling strong bullish momentum. The token’s recent rally confirms increasing market confidence, with minor pullbacks and maintained critical support levels.

This resilience shows strong buying momentum, even as its Relative Strength Index indicates overbought conditions. If SUI reclaims its ATH and surpasses the psychological $5 barrier, it could enter a price discovery phase.

Fibonacci Retracement Levels and Price Targets

The Fibonacci retracement levels position $6.12 as the next target, with a possible upside to $6.75 and eventually $7.66. These represent the asset’s realistic milestones if the momentum continues.

Key Factors Driving SUI’s Growth

Several key factors drive the optimism surrounding SUI. Firstly, the recent integration with Backpack, a crypto exchange and wallet platform, is a major catalyst for Sui’s growth and could spur further upside.

Backpack’s decision to adopt Sui’s high-performance blockchain opens significant opportunities for both platforms. With a user base spanning 150 countries and a trading volume of $60 billion in its first year, Backpack brings considerable credibility.

For Sui, the partnership enhances its ecosystem by simplifying asset management and trading. Backpack users will gain seamless access to Sui’s network. This came less than a week after Phantom announced it would integrate Sui.

Total Value Locked and Decentralized Finance Protocols

Sui’s total value locked recently hit an all-time high of $1.835 billion, growing by 17% in a single day. This increase represents an additional $273 million in TVL, largely driven by its decentralized finance protocols.

Suilend Protocol alone accounts for $583.61 million, with a 27% daily increase, while NAVI Protocol follows with $553.8 million after a 20.79% rise. The ecosystem also witnessed a record $466.65 million in daily decentralized exchange volume, showcasing growing user activity.

Future Prospects and Demand

These bullish metrics are capable of attracting further demand into the Sui ecosystem, potentially contributing to further price growth as 2025 nears. Sui also partnered with Franklin Templeton last month.

Key takeaways:

  • SUI recently hit a new all-time high of $4.91, marking a 38% gain in December alone.
  • The token’s recent rally confirms increasing market confidence, with minor pullbacks and maintained critical support levels.
  • The Fibonacci retracement levels position $6.12 as the next target, with a possible upside to $6.75 and eventually $7.66.
  • The recent integration with Backpack is a major catalyst for Sui’s growth and could spur further upside.

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