SUI Price Soars 12% In Minutes, Triggering Huge Liquidations: Predictions For The Altcoin
The native token of the decentralized smart contract platform Sui (SUI) is all time high The price is at $4.96, driven by the overall bullish trend in the cryptocurrency market.
The momentum was short-lived, with SUI experiencing a sharp correction on Friday, plunging nearly 30% to $3.49. However, the coin quickly rebounded and stabilized around $4.55, up 12.8% from this week’s low and just 8.9% below its all-time high.
SUI surges amid market volatility
In stark contrast, major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) continue to experience downward revision This follows the U.S. Federal Reserve’s (Fed) 0 recent decision on interest rates.
The Fed’s dovish stance has had a negative impact on risk assets, leading to widespread bearish sentiment in the market and causing the market-leading cryptocurrency to retrace nearly 10% from its all-time high of $108,000.
According to statistics, the volatility surrounding SUI resulted in the liquidation of nearly $14 million in long and short positions on centralized exchanges, with Binance reporting the highest liquidation rate in the past 24 hours. data From Coinalyze.
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Notably, recent analyzes indicate that indicated Sui ranks third in net inflows over the past three months, with nearly $1 billion entering the network, highlighting growing investor interest in SUI, which is further enhanced by the new partnership with Phantom wallet interest.
Cryptocurrency analyst Route 2 FI noted in a recent social media post on X (formerly Twitter) that the bullish reversal in SUI price points to strong investor sentiment, which ultimately led to the coin’s record peak earlier this week.
Analysts target $6 as market momentum builds
Another respected analyst is Michael van de Poppe point out The SUI daily candlestick chart has been wildly volatile, highlighting the price’s drop to support levels before a quick rebound. He is optimistic that the trend is far from over and hinted that SUI may continue its uptrend with a target of $6.
The recent surge in SUI’s price is also expected to attract Bitcoin liquidity into its ecosystem, further enhancing the token’s value Bullish outlook. Technical analyst Rekt Capital highlighted that SUI has effectively executed a post-breakout retest from its reaccumulation range.
So right famous Strategic partnerships with Babylon Labs and Lombard Finance will facilitate the integration of Bitcoin liquidity, which could greatly benefit the Sui platform.
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Growing interest in SUI has raised questions about its potential performance in 2025. However, cryptocurrency researcher Eyezenhour recently stated emphasize While there are many reasons to be optimistic about SUI’s future, the key factor is attention.
Researchers believe Sui Network has begun attracting institutional investors, a trend attributed to its dominant position technologyupcoming integrations with Phantom and Backpack, and a talented core and executive team.
This is expected to continue throughout the current bullish cycle and into 2025, with bullish sentiment on altcoins set to increase as the end of the year approaches.
Featured images from DALL-E, charts from TradingView.com
