Sui Network (SUI), a high-performance layer-1 blockchain, recently achieved a new all-time high (ATH) of $4.47, marking an impressive 80% gain over the past month. However, the token has since seen a slight pullback to $4.15, registering a 1.61% dip in daily trading.
Adding to the optimism surrounding the token, SUI’s Total Value Locked (TVL) has reached a record $1.63 billion, showing growing investor confidence.
Despite its remarkable ascent, questions remain about the factors driving this surge and whether the momentum will sustain through the year.
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Catalysts driving SUI’s momentum
Sui’s price surge is likely tied to a mix of factors rather than a single trigger. The announcement of Phantom Wallet integration with the Sui Network has undoubtedly boosted its appeal, enhancing usability with staking, token swaps, and NFT storage capabilities.
However, this development might not entirely account for the recent gains, suggesting broader market dynamics and increased utility are at play.
Derivatives data paints a bullish picture
Derivatives data from Coinglass points to a bullish outlook for SUI as trading volume surged by 11.20% to $4.55 billion, signaling heightened market activity and growing interest in the token.
While Open Interest (OI) dipped by 4.22% to $969.34 million, potentially reflecting short-sellers closing their positions, the dominance of long positions remains evident.
On Binance, the SUI/USDT long/short ratio stands at 2.97, while OKX reports a similarly bullish 2.6, indicating strong trader confidence in further price increases.
Further supporting this bullish sentiment, the OI-weighted funding rate remains consistently positive, indicating traders are willing to pay a premium to hold long positions, a hallmark of a bullish trend.
Over the past 24 hours, long liquidations totaled $5.99 million, far outpacing short liquidations at $2.79 million, highlighting strong buying pressure even during price corrections.
With these metrics pointing toward sustained confidence and upward momentum, SUI appears well-positioned to continue its rally in the near term.
Moreover, Sui’s TVL has shown remarkable consistency, staying above $1 billion since November 6 and currently sitting at an impressive $1.66 billion, according to DefiLlama. This sustained level of capital inflows highlights the network’s robust ecosystem activity and steady user engagement, further reinforcing its bullish outlook.
Technical analysis: Key levels to watch
From a technical perspective, SUI continues to break through significant resistance levels, posting a daily gain of 15.02%. According to data from Rose Premium Signal, key upside targets are positioned at $5.47, $6.44, and $7.31, with these levels representing potential profit-taking zones.
The $2.96 support level remains critical for maintaining the bullish outlook, serving as a possible re-entry point if a retracement occurs. A breach below this level would invalidate the upward bias, emphasizing the importance of maintaining a tight stop-loss slightly below this support.
With robust technical indicators suggesting continued strength, SUI appears well-positioned to extend its rally toward $7.3, provided buying volume remains consistent.
AI predicts SUI’s year-end price
Finbold consulted ChatGPT-4o to analyze SUI’s prospects as the token reached new highs. The AI model projects SUI’s year-end price to range between $5.50 and $6.50, driven by robust ecosystem growth, record-high TVL figures, and strong trader sentiment.
In a bullish scenario, SUI could surpass $6, reflecting sustained demand and network activity. However, under moderate market conditions, the price may consolidate around $5.00. In a bearish case, the token could retreat to the $3.50–$4.00 range.
As SUI approaches the year-end, investors are encouraged to monitor broader market sentiment and ecosystem developments, which will play a pivotal role in shaping its price trajectory.
Featured image via Shutterstock
