- SUI overtakes LINK with a $15.25B market cap, surging 23.31% to $5.07, showcasing strong growth and DeFi market dominance.
- SUI’s 1,325% rise stems from DeFi expansion, $2B TVL, and major partnerships, solidifying its position in the crypto market.
- Trading in a bullish ascending channel, SUI targets $5.31, $5.80, and $6.29, with key support at $4.00-$4.40 sustaining momentum.
SUI surged by 23.31% to $5.07 at press time, outperforming LINK by market capitalization. SUI has a market cap of $15.25 billion, surpassing $LINK’s $14.96 billion, which currently trades at $23.45.
This shift places $SUI as the 12th largest cryptocurrency, showcasing its rapid growth from a 2023 low of $0.3648. Analyst Rose notes this momentum, indicating key targets for $SUI’s continued upward momentum.
SUI’s Explosive Growth
The recent 1,325% climb in $SUI’s value is due to its expanding market, particularly in DeFi. The network’s total value has surged to $2 billion, suggesting a thriving DeFi sector.
Major partnerships with financial firms like VanEck, Grayscale, and Franklin Templeton have further solidified its position. This expansion points to increased adoption and commercial activity, with SUI’s growing number of native stablecoins enhancing its appeal.
Regulatory changes, such as Paul Atkins’ influence at the SEC, may lead to Grayscale’s Sui ETF, supporting SUI’s market presence.
Comparative Performance with LINK
While SUI shows a strong upward momentum, LINK has also seen an 15% increase over the past week, trading at $23.45. Despite this, LINK’s market cap of $14.96 billion has been flipped by SUI’s $15.25 billion.
On a comparative performance basis, SUI has risen 10.98%, while LINK has declined by 12.69% on a four hour basis. This contrast shows SUI’s relative strength and market dominance during this period.
Technical Indicators and Future Targets
According to analyst Rose, SUI is trading within an ascending channel, characterized by higher highs and higher lows, suggesting a bullish trend. SUI has resistance levels at $5.3097, $5.7953, and $6.2878.
Support levels between $4.00 and $4.40 remain important in maintaining the bullish momentum. On a four hour timeframe, the RSI at 56.12 and the MACD suggest a potential consolidation phase.
A sustained break above $5.30 could drive SUI towards higher targets, while a retracement below $5.00 may test lower support levels around $4.80. Market movements and regulatory changes could fuel SUI upward momentum to new highs.