- SUI posted a record weekly close of $4.23, backed by surging market confidence.
- Recent activity highlighted strong developer adoption and institutional interest in SUI’s ecosystem.
As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself increasingly intrigued by Sui Network [SUI]. The recent record-breaking weekly close at $4.23 is undeniably an impressive feat, especially for a project that’s only been around since its mainnet launch.
SUI Network (SUI) recently reached an important landmark on its path, as its weekly closing price reached the highest point since it launched its mainnet.
This signifies a thrilling progression of the current upward trend, occurring after hitting a fresh all-time high merely three days prior.
The rise in price signaled growing faith in SUI’s ecosystem as well as a general optimism in the crypto market towards Layer 1 blockchain ventures.
Record-breaking momentum
SUI ended the week at $4.23, marking its highest-ever weekly close since the mainnet launch. The 7-day period saw a sharp upward trajectory, with SUI gaining over 35% in value.
As a researcher, I observed that the surge in our event was fueled by escalating trading activities and a persistent optimistic outlook within the Layer 1 networks.
During the week, a significant jump over $3.50 served as a driving force, propelling the price to a fresh peak of $4.45, though it subsequently experienced a slight pullback.
Each week’s closing price demonstrated robust market optimism, bolstered by successive lower highs on the daily graph that indicate gradual accumulation. Currently, technical indicators point towards $4.50 as a crucial potential resistance level for SUI.
SUI: Technical insights
SUI’s Relative Strength Index (RSI) stood at 61.67, signifying strong upward momentum without yet breaching the overbought boundary of 70. This implies there might be potential for additional price increases if the purchasing activity continues to strengthen.
The graph provided indicates a gradual increase over time, suggesting that there is an accumulation and ongoing enthusiasm from market players.
Meanwhile, the drop in price to $3.94 suggests possible selling for profits, potentially challenging the immediate support around $3.80. If it falls below this point, it may indicate a temporary reversal.
Instead, if the OBV (On-Balance Volume) remains robust, it could serve as evidence supporting the continuous demand for SUI, allowing it to regain its previous peaks at around $4.45 and even attempt to breach a new resistance level at approximately $4.50.
Factors behind SUI’s price surge
SUI’s recent rally to $4.23 reflects a confluence of bullish developments.
Important factors are a surge in developer engagement on its Layer 1 blockchain, coupled with numerous DeFi and gaming projects disclosing their plans for integration within the last seven days.
Furthermore, a significant increase in daily transactions to $20 million was observed on December 6th, indicating a surge in network activity.
There’s been a noticeable increase in institutional involvement, which is clear from the rise in staking activities and substantial buying by large investors, often referred to as ‘whales’. This surge in activity is especially prominent following the new peak reached by SUI on December 3rd.
Read Sui’s [SUI] Price Prediction 2024-25
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2024-12-10 07:06