Sui Price Soars 20.3% Following Bybit’s Support Announcement

The Sui (SUI) price has surged by 20.3% in the last 24 hours to trade at $2.02 as of 8:52 a.m. EST on an 82% increase in trading volume to $2.2 billion. The market cap is now at $5.5 billion. This surge comes as Bybit announced support for Sui (SUI) as a native ecosystem pool token on October 7, coinciding with a significant rise in SUI’s value.

Bybit Launchpool has added SUI to its ecosystem, offering the first mining pool for a token outside the Mantle ecosystem. In addition, Bybit supports SUI staking and ranks among the top-tier exchanges to list the Sui project NAVI.

$2 ATH IN SIGHT AS TRANSACTIONS GO PARABOLIC

SUI’s making moves – daily transactions up 120% in October, and we’re sitting just 1% shy of that $2.17 ATH.

Bybit’s Launchpool just backed SUI as its first native token, and with TVL cracking the $1B mark, the DeFi hype is real.… pic.twitter.com/YD3LzdzOPj

— Mario Nawfal’s Roundtable (@RoundtableSpace) October 7, 2024

SUI’s price momentum also stems from market optimism ahead of a busy macroeconomic week and the exit of weak hands during last week’s sell-off, linked to geopolitical events.

SUI has rallied 20% in the past 24 hours, continuing its upward trend after a 115% surge in September. This follows a recent dip, while Bitcoin hit above $63,700, and Ethereum reclaimed $2,480. SUI’s price has been trending upward since hitting a low of $0.53 on August 6, bolstered by a sharp increase in total value locked (TVL). According to DeFiLlama, SUI’s TVL reached $1.58 billion, making it the 9th largest chain by TVL.

Sui Statistics

• SUI price: $2.02
• Market cap: $5.5 billion
• Trading volume: $2.2 billion
• Circulating supply: 2.7 billion
• Total supply: 10 billion

Sui Price Bullish Sentiment Continues to Remain Strong

The Sui price has recently experienced an upward trend, leading to a bullish flag formation. The bulls are seen to have already regained momentum at the $1.595 support level by forming a bullish breakout on the upper trend line of the bearish channel. This movement has suggested a high possibility for a bully rally to occur.

The daily chart displays strong indications of a potential bullish crossover. The market is currently trading above both the 50-day and the 200-day simple moving average (SMA), which are key resistance levels. This has solidified the overall bullish trend, favoring buyers.

Bullish Technicals Indicate High Probability for a Bully Rally to Occur

The Relative Strength Index (RSI) also supports the upcoming bully rally. The RSI is currently holding above the 50 mid-line level and is forming a slight uptrend towards the 70-overbought zone. A rise above the 70-overbought level would signal strong increased buying pressure and further validate the bullish sentiment. If the RSI manages to surpass the 70-overbought level and continues rising, the market will create a new all-time high.

Furthermore, the moving average convergence divergence (MACD) supports a bullish outlook. The MACD line (blue) flows above the orange signal line, meaning the Sui price is rising in bullish sentiment. Additionally, the green histogram is seen increasing in number. This confluence of indicators suggests an increased probability of a significant bullish crossover and a strengthening market trend.

The bulls demonstrate a significant strength by driving the price up after forming a bullish breakout. They aim to continue pushing the market higher, targeting a cost of $30679. On the other hand, if the bears try to regain momentum, they will pull the price to $1.595, which will favor sellers.