SUI had a massive fund inflow over the last 24 hours. It registered massive gains during the session, attaining a new milestone.
It opened trading at $3.67 and dropped to a low of $3.53. It rebounded from the decline, shooting up and breaking above its previous all-time high at $3.94. The altcoin surged above $4 for the first time. The surges continued with the asset attempting the $4.50 barrier but faced notable selling congestion.
Nonetheless, the asset peaked at $4.47, registering a new ATH a few hours ago. The accumulations on Tuesday hinted at the latest milestone. The cryptocurrency tested its previous all-time high during this period with limited success. It closed at $3.69, with gains exceeding 8%.
SUI climbed up the market ranking as its market cap exceeded $14 billion, briefly flipping XLM.
Why Did SUI Surge?
The asset’s surge is no surprise, as fundamentals played the central role. The bulls rallied the market following the announcement of a new SEC chairman. The United States President-elect announced the nomination of crypto proponent, Paul Atkin as the impending SEC chairman. Crypto traders are optimistic about regulatory structures once they resume office.
The crypto market reacted to the announcement with significant rallies. Bitcoin crossed $100k, and Ethereum hit $3,900 for the first time in a while. The latest milestone is SUI’s reaction to the news. It had an over 120% increase in trading volume over the last 24 hours.
Another reason for the massive increase in trading activity is a fresh integration. Phantom Wallet announced it was extending its cross-chain access to the Sui network. The most recent expansion opens the cryptocurrency and other assets in its ecosystem.
Crypto traders remain optimistic amidst the ongoing pullback. Several indicators point to more increases
Bulls Push for $5
SUI is currently grappling with a notable spike in selling pressure. It retraced from the peak of $4.47 and trades at $4.18 at the time of writing. The bulls struggle to keep prices above $4 amidst the growing bearish sentiment.
The latest milestone sparked massive speculation about the next price actions. One of the loudest is the clamor for a climb above $5. Many proponents hint at a possible surge to the mark before the week runs out.
Other analysts/traders compare the current SUI’s run with the Solana’s. There is a growing believe that the crypto is similar to SOl and will see the same price moves. They speculate that the asset will peak at $100 in 2025. The bullish sentiment appears long-term. It remains to be seen if this plays out.
Indicators on the one-day chart show a higher of the asset, continuing the uptrend. A few months ago, the 50-day moving average intercepted the 200-day moving average in a golden cross. The shorter moving average has since been on the uptrend, indicating further increases.
However, the relative strength index shows an impending pullback. It surged above 70, hitting a high of 75. It is traditionally due for a correction as it’s overbought. Nonetheless, the bulls sustained runs with the current situation in previous times. The event may repeat itself.
The altcoin broke above the Bollinger band and maintains trading above it. Its price action suggests a possible retest of the $4 mark, as the upper SMA lies within this level. The buyer are also sustaining the momentum as indicated by the MI.
