Sui price rally gains steam after a highly bullish Grayscale report
Sui price staged a strong recovery this week, reaching its highest level since June 12, as the crypto bull run continued.
Sui (SUI) jumped to a high of $3.3300, up by over 43% from its lowest level in June this year
The rally coincided with the ongoing crypto rally, with Bitcoin (BTC) surging to an all-time high of nearly $113,000. Most altcoins like Cardano (ADA) and Ethereum (ETH) also gained steam.
Sui’s rally also followed the release of a detailed report from Grayscale, which explained why it stands out. The report noted that its top benefits include superior technology compared to other chains, a team comprised of former Facebook employees, and a focused strategy.
Sui’s ecosystem is performing well, with its decentralized finance ecosystem boasting over 70 applications and a total value locked of over $2.6 billion. Stablecoin volume has jumped to $887 million, while adjusted transaction volume soared by 5.6% to $151 billion.
Most importantly, Sui’s decentralized exchange volume has rebounded following the Cetus Protocol hack in May. Its protocols handled $8.52 billion in assets in the last 30 days and $281 million in the last 24 hours.
Cetus handled over $116 million in volume in the last 24 hours and $3.35 billion in the past 30 days. Other notable players in the ecosystem include Bluefin, Momentum, DeepBook, and Turbos.
Sui price technical analysis
The daily chart shows that the Sui crypto price has staged a strong rebound in the past few days. It has soared from this week’s low of $2.13 to the current $3.35.
Sui has moved above the 50% Fibonacci retracement level at $2.9174. It has also jumped above the 50-day and 100-day Exponential Moving Averages, a sign that bulls are still in control. Additionally, it has moved above the lower side of Andrew’s pitchfork tool.
The Relative Strength Index has continued rising this week and is nearing the overbought level. Therefore, the token is likely to continue rising, with the next level to watch at $4.2770, its highest point in May, which is about 27% above the current level.
