SUI, the native token of the Move-programmed blockchain, has experienced a significant surge in the past 24 hours, reaching $2.20, an 18% increase. This positions it close to its previous record of $2.36, set on October 12.
The surge in SUI's price is accompanied by a sharp rise in trading volume, now totaling $2 billion, which has increased by 184%. Such volume indicates strong market participation and investor confidence, signifying that the upward price movement is not driven solely by a few large trades.
The rise in open interest, which denotes outstanding contracts, further confirms growing market activity. With a 27% increase, open interest now stands at $556 million, highlighting enhanced participation and the potential backing for SUI's price rally.
Technical indicators like the Relative Strength Index (RSI) on the SUI/USD chart, which sits at 60.77, reinforce a bullish sentiment, suggesting a favorable condition for continued price gains as buying pressure increases.
While SUI is just shy of its all-time high, if current momentum persists, the token could surpass its previous peak. Nevertheless, caution remains, as profit-taking activities by traders might counteract the rally, potentially pulling SUI down towards the $1.64 mark.
