SUI Attains A New ATH Amid A Sustained Bullish Momentum

SUI has been one of the best layer-1 blockchain-based assets during the week. As a result, it attained a new all-time high of $3.91 on the last day of that period. 

As of 7 February, it had a value of $3.15, about 13.7% lower than the ATH. During that period, the asset gained by 22.4%. In addition, its price rose by 102.3% in 2024. At the time of publication, SUI’s price is at $3.79 SUI/USDT.

How SUI Has Become a Major Player in the Crypto Industry?

During the mentioned period, the 10 biggest layer-1 blockchain-based assets were in green. However, their values rose by different margins, which affected their ranking. SUI and Cardano (ADA) were the main gainers. Due to SUI’s strong price action, it leaped over Bitcoin Cash (BCH) and Polkadot to become the 14th-ranked L1 token asset. 

On the other hand, NEAR swapped positions with Aptos (APT). It is now ranked number 20 among the L1 assets. Due to its high momentum, it broke above several key resistance levels during the previous week. The following graph shows its price action during the cited period. 

As the image shows, before the it’s price spiked to its current value, it briefly peaked at $3.49 SUI/USDT. At present, the altcoin has a market capitalization of about $9.55 billion. In terms of meme coins, the SUI blockchain has become as popular as Solana. That’s because the meme coins on the network are in high demand, resulting in high prices. 

For instance, the value of Sudeng (HIPPO), based on the SUI blockchain, increased by 210% during the same period. On the other hand, the price of the UNI meme coin surged by 701%. 

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Interestingly, the SUI’s bullishness comes after it experienced a depressed market state, which led to a bottom on August 5 when it was priced at $0.46. The current uptrend started on 8 February when it broke above a symmetrical triangle that extended downwards to $3.0. 

SUI Price Performance 

After recording that impressive price performance, it entered an overbought market state, which hints at a possible slowdown. It has an RSI reading of 35-60. Basically, the overbought zone is between 70 and 100. However, once it has a value of 90, it indicates a possible market top, which may lead to a very strong downtrend.  

The SUI/USDT price chart shows that the coin is in an uptrend. First, the Ichimoku cloud indicator is rising sharply. That indicates a strong bullish momentum. On the other hand, the Average Directional Index (ADX) has a reading of 25, which is a neutral signal. Also, the fact that the price line is far above the Ichimoku upper boundary indicates bullishness. 

Essential SUI Statistics

SUI is a layer-1 cryptocurrency launched in 2023. Since then, its value has increased steadily despite some dips and bounces. During the last 24 hours, the cryptocurrency had a trading volume of $3.23 billion and a market dominance of about 0.28%. Since then, it has been trading above that market bottom. 

At present, it has a Fear and Greed Index of 90, which indicates a strong positive market sentiment. It is important to note that it is inflationary, with a current inflation rate of 142.26%. Currently, SUI/USDT is available to trade on several leading cryptocurrency exchanges, such as Gate.io Crypto Exchange. 

Understanding SUI Coin

It is a layer-1 blockchain, just like Ethereum. It means other blockchains can build on it and benefit from its security. Therefore, we expect to have many DeFi and gaming platforms on the SUI network. 

However, at the moment, it seems it is far smaller than Ethereum, although it is one of its growing competitors. One thing that developers know about the blockchain is its high transaction speed. It processes 297,000 transactions per second. You can best appreciate its speed by comparing it to the Solana blockchain, which only has up to 65,000 TPS. 

There are many signs that the its blockchain is growing at a fast rate. For example, within a period of less than two years, its total value locked (TVL) has surpassed 1 billion. It has more than 25 million active users. One reason for its growth is institutional investment. 

To illustrate, Grayscale, the asset manager, recently launched the Grayscale SUI Trust for its accredited investors. Another prime example of institutional interest in the coin is the launch of the VanEck SUI ETN on Euronext Paris and Euronext Amsterdam. With this, investors can use this exchange-traded note (ETN) to invest in the SUI token without buying and holding it directly. 

SUI Price Prediction in 2025 and How to Buy SUI

Based on the current SUI trading data, its price may rise to $5 during this season if there is sustained bullish momentum. However, some overly optimistic analysts believe its value may reach $15 SUI/USDT within the next few months. 

As you note in the picture, some analysts have high predictions for the coin. However, the existing regulatory and economic trends will likely determine its overall performance. The market should also maintain a positive sentiment to promote bullish momentum in the market. 

How to Buy SUI on Gate.io?

Step 1: Register a Gate.io Account

Visit the official Gate.io website and sign up using your email or phone number. To complete the registration, you will need to go through the identity verification (KYC) process.

Step 2: Deposit Funds

After logging into your account, navigate to the “Deposit” section. You can choose to deposit fiat currency or other cryptocurrencies to fund your account.

Step 3: Find the SUI Trading Pair

On the Gate.io homepage, go to the menu and select “Trade” → “Spot Trading” or “Futures Trading”. Then, search for “SUI” to start trading.

If you’re new to cryptocurrency trading and unsure about the process, visit Gate.io’s “How to Buy SUI” page to check a detailed step-by-step tutorial designed for beginners.