Key points
- SUI rose 17% over the past 24 hours and is currently trading at $1.95.
- The surge followed a paper from Mysten Labs researchers exploring blockchain privacy features, positioning Sui alongside Ethereum and Solana as an account-based model.
SUI jumps 17% to top $1.95
SUI, the native token of the Sui blockchain, gained 17% in the past 24 hours, making it the best performer among the top-20 cryptocurrencies by market capitalization. The rally pushed the token to trade around $1.95, approaching a two-month high.
The price move followed a research paper from Mysten Labs that examined privacy features for blockchains and affirmed Sui’s placement as an account-based model similar to Ethereum and Solana.
The paper evaluated how cryptographic primitives such as homomorphic encryption and zero-knowledge proofs could be used to implement confidential balances, restricted anonymity sets, and unlinkability between senders and receivers.
On-chain and derivatives data also suggest expanding market participation. According to Santiment, trading volume across the Sui ecosystem reached $967.43 million on Tuesday, the highest level since early December. That spike indicates traders are returning to Sui after last month’s slowdown.
DeFiLlama reports that Sui’s total value locked (TVL) has steadily increased since late December, reaching $1.04 billion on Tuesday.
Additionally, derivatives data from CoinGlass shows SUI futures open interest on exchanges rose to $947.26 million on Tuesday, up from $685 million a week earlier.
SUI could surge toward the $2.34 level
The 4-hour chart for SUI/USD appears bullish and efficient, with Sui up 34% over the past seven days. The token currently trades near $1.95 and could continue higher in the near term.
If the bullish trend persists, SUI could extend its advance toward the weekly resistance level at $2.34. Momentum indicators are currently supporting the prospect of further upside.
The 4-hour Relative Strength Index (RSI) sits at 85, above typical overbought thresholds, indicating strong bullish momentum.
The Moving Average Convergence Divergence (MACD) also shows a bullish crossover, with green histogram bars rising above the neutral line.
However, if the market undergoes a correction,
a pullback could push SUI down toward the 50-day EMA near $1.66.