- On Friday, the SUI price increased by over 1.31% on a daily chart with a market capitalization of $3.71 billion, soaring its value from $0.927 to $0.936.
- The cryptocurrency is currently following a bullish sentiment in the crypto market, in which Bitcoin (BTC) broke the mark of $72,000.
- In May, CME will launch SUI futures contracts, which will provide regulated institutions with a new way to gain exposure to SUI.
On April 10, the SUI price experienced a small surge on a daily chart after soaring around 1.31%, helping its value to reach $0.940. The price movement was witnessed following a bullish sentiment in the crypto market.
With a small spike, SUI is currently trading at around $0.9403 with a market capitalization of $3.71 billion, according to CoinMarketCap. Although the daily trading volume dropped by 6.54% and is currently revolving around $338 million. The total circulating supply is around 3.95 billion.
The current price of SUI is way below its all-time high of $5.35 in January 2025. However, the small price surge in the token is showing a growing buying interest in the layer 1 blockchain asset amid hopes of recovery in the market.
SUI Follows Recovery Trend in Crypto Market
The spike in the SUI price chart was witnessed against a backdrop of bullish sentiment in the overall cryptocurrency market. Bitcoin (BTC) price soared above $72,000 after President Donald Trump announced a two-week ceasefire with Iran.
This announcement has released tension about potential disruptions to global oil supplies and helped reduce fears of higher inflation. Investors have started placing their money into the crypto market after staying away during its bear run.
According to TradingView, the SUI price is currently in the neutral to bullish zone. The 14-day relative strength index has been recorded at around 47, which placed momentum in neutral to slightly positive territory and suggested additional room for gains before any overbought signals take place.
Similarly, moving averages are suggesting a clear buy signal with 10 positive readings against only 1 sell signal, which suggests upward pressure on shorter time frames.
According to the current price chart, there is an immediate support at around $0.926, while there is a major resistance level sitting around $0.961.
The DeFiLIama data suggests that SUI has around $588.18m in total value locked in the decentralized finance. Apart from this, the network has around 123,300 users, which shows ongoing user engagement across various applications.
The network is constantly processing millions of transactions each day, while the stablecoin market capitalization is held at around $523 million. This staggering figure is coming from practical usage in lending, trading, and other decentralized services rather than simple hype.
Apart from this, there are many other major developments taking place on the network, which have added strong support to the token performance. The Sui Foundation revealed an impressive investment in Splyce Finance to boost cross-chain decentralized finance tools and enhance connectivity with other networks.
CME Group also confirmed that it would introduce SUI futures contracts starting May 4, which will provide regulated institutions with a new way to gain exposure and improve overall liquidity.
The platform introduced Hashi on its developer network as a tool that allows more productive handling of Bitcoin holdings backed by established financial players. In addition, the native yield-bearing stablecoin known as Sui became available.
Despite the current price movement, the current trend for Sui is expected to continue a bearish trend. The price is expected to continue seeking lower levels of liquidity.
If the cryptocurrency follows a downward trend, a first target on the downside will be $0.9338 and $0.9241. If the token falls below $0.9241 or $0.9044 and then shows a sharp reversal with a clear smart money reversal pattern, there might be a small bounce back toward the $0.9550.
If the price manages to soar above $0.97, the cryptocurrency might flip the bearish trend. It would send the cryptocurrency toward $0.98, and in the next stop, it might reach $1.
Also Read: Mantle Price Eyes $0.9 as xStocks Integration Fuels Rally
Credit: Source link