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SUI Surges 18% in 24 Hours as Total Value Locked Jumps 8%

The cryptocurrency SUI has gained significant traction, surging 18% in the past 24 hours to trade at $3.57. This recent rally has positioned SUI as one of the top trending tokens on major platforms, driven by strong market momentum and a surge in its total value locked (TVL).

SUI Price Rally: Key Highlights

The current surge extends a rally that began on April 21, when SUI started posting consecutive green daily candles. The price opened at $2.10 and has since climbed approximately 67%. A major technical breakout occurred on April 22, when SUI breached the neckline of a bullish double bottom pattern at around $2.80, signaling a trend reversal.

As of now, SUI’s price is trading above critical moving averages, including the 20-day EMA, 50-day SMA, 100-day SMA, and 200-day SMA. This alignment suggests a strong uptrend in both the short and long term.

Technical Indicators Signal Strength

Momentum indicators also support the bullish outlook:

  • MACD: A bullish crossover with a widening gap highlights upward momentum.
  • RSI: Currently in the overbought zone, indicating a potential short-term pullback. However, the increasing volume confirms strong buy-side conviction rather than weak momentum or a false breakout.

“Strong volume alongside price increases signals healthy market activity rather than speculative spikes.”

Next Price Targets for SUI

The breakout above $2.80 confirmed a bullish reversal, with the price now reaching the initial target range of $3.50–$3.60 based on a measured move from the double bottom pattern. Looking ahead, analysts are eyeing the following key levels:

  • $3.85: The next major resistance zone, supported by the 2.618 Fibonacci extension. A pullback could occur at this level.
  • $4.55: A stretch target if momentum remains strong.
  • $5.00: A long-term psychological level that may come into play if bullish momentum continues.

Factors Fueling the SUI Rally

Several catalysts are driving SUI’s upward trajectory:

  • Memecoin Trading Surge: Increased activity in memecoin trading on the Sui network has contributed to the token’s rising popularity.
  • Partnership Announcement: A new partnership to launch a virtual Mastercard powered by xMoney has generated significant interest.
  • Total Value Locked Growth: Sui’s TVL has surged 8% in a single day, reaching $1.64 billion. This milestone has elevated Sui to the 9th-largest blockchain by TVL, surpassing competitors like Avalanche and Aptos.

SUI in the Blockchain Landscape

With its recent price performance and an increase in total value locked, Sui is emerging as a key player in the cryptocurrency market. Its ability to surpass established blockchains like Avalanche and Aptos highlights its growing adoption and strong network activity.

As the market evolves, traders and investors will closely monitor SUI’s price action and the ongoing developments within the Sui ecosystem.

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