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Join Telegram ChannelA historic surge in SUI has been seen. The SUI cryptocurrency has reached a historic high in its recent bullish run and has now entered a price discovery phase.
Analysts from the “Everything Crypto” podcast commented on this price spike, expressing optimism about SUI's future. They note that altcoins often outperform Bitcoin during this market phase, and SUI price growth is expected to continue due to the expansion of the ecosystem and technological advantages over competitors.
Historic Surge for SUI
Market data shows that SUI has risen more than 12% in the last 24 hours, reaching a new all-time high of $2.28, and is currently trading around $2.24. Over the past month, the price of this cryptocurrency soared 118%, and skyrocketed 452% over the past year.
This upward price trend is supported by improvements in key ecosystem metrics, including the total number of active accounts, daily transactions, and total value locked (TVL) in the network.
However, data from Coinglass shows that in the past two weeks, there has been an increase in the volume of SUI entering exchanges, indicating that some SUI holders may be looking to sell their assets and take profits.
A recent significant development for the network is the launch of the USDC stablecoin on the SUI blockchain, which allows users to leverage digital dollars in the DeFi space, thereby eliminating the need for cross-chain bridges.
Some analysts believe that SUI may follow a similar path to Solana, with predictions that its price could rise to around $22.50. With continued ecosystem growth and increasing adoption, this cryptocurrency could become one of the top altcoins on the market.
Notably, market analyst Michael van de Poppe has highlighted the support level at $1.79, suggesting that SUI price could reach the $2.25 to $2.50 range.