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The native token of the decentralized smart contract platform Sui (SUI) kicked off the week with an all-time high of $4.96, buoyed by an overall bullish trend in the cryptocurrency market.
The momentum was short-lived, as SUI experienced a significant retracement on Friday, plummeting nearly 30% to $3.49. However, the token rebounded swiftly, stabilizing at approximately $4.55, representing a 12.8% increase from the week’s low and just 8.9% shy of its record price,
SUI Surges Amid Market Volatility
In stark contrast, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have continued to experience downward corrections following the US Federal Reserve’s (Fed)0 recent decision regarding interest rates.
The Fed’s dovish stance has negatively impacted risk assets, contributing to a generally bearish sentiment in the market that led the market’s leading crypto, to retrace almost 10% from the record high of $108,000.
The volatility surrounding SUI led to nearly $14 million in liquidations across both long and short positions on centralized exchanges, with Binance reporting the highest liquidation rates within the past 24 hours, according to data from Coinalyze.
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Notably, recent analysis has indicated that Sui ranks third in net inflows over the past three months, with close to $1 billion entering the network, highlighting the growing investor interest in SUI, further bolstered by a new partnership with Phantom wallet.
Crypto analyst Route 2 FI noted in a recent social media post on X (formerly Twitter), that the bullish reversal in SUI’s price indicated strong investor sentiment, culminating in the token’s record peak at the beginning of the week.
Analyst Targets $6 As Market Momentum Builds
Michael van de Poppe, another respected analyst, pointed out the substantial daily candle movement in SUI, emphasizing that the price dipped into support before quickly bouncing back. He expressed optimism that this trend is far from over, suggesting that SUI could continue its upward trajectory with a target of $6 in sight.
The recent surge in SUI’s price is also expected to attract Bitcoin liquidity into its ecosystem, further enhancing the token’s bullish prospects. Technical analyst Rekt Capital highlighted that SUI has effectively executed a post-breakout retest from its re-accumulation range.
Rekt also noted that strategic partnerships with Babylon Labs and Lombard Finance would facilitate the integration of Bitcoin liquidity, which could significantly benefit the Sui platform.
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The growing interest in SUI raises questions about its potential performance in 2025. However, crypto researcher Eyezenhour recently emphasized that while there are numerous reasons for optimism regarding SUI’s future, the key factor is attention.
The researcher contends that the Sui Network has started to captivate institutional investors, a trend attributed to its dominant technology, upcoming integrations with Phantom and Backpack, and a talented core and executive team.
This is expected to continue throughout the current bullish cycle and into 2025, adding to the bullish sentiment for the altcoin as the year draws to a close.
Featured image from DALL-E, chart from TradingView.com
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