Key Points
- SUI rose 17% over the past 24 hours and is now trading at $1.95.
- This rebound follows research from Mysten Labs exploring privacy features for blockchains, positioning Sui alongside Ethereum and Solana in the account-based model.
URI Tops $1.95 After 17% Surge
SUI, the native token of the Sui blockchain, surged 17% in the last 24 hours, making it one of the top performers among major cryptocurrencies by market capitalization. The token is trading near $1.95, approaching a two-month high as it benefits from renewed buying interest.
The uptick follows a recent paper by researchers at Mysten Labs that examined blockchain privacy features, firmly placing Sui within the account-based model alongside Ethereum and Solana. The research discussed how such systems could implement confidential balances, limited anonymity sets, or sender-receiver deniability using cryptographic primitives like homomorphic encryption and zero-knowledge proofs.
On-chain and derivatives data point to growing market participation. Santiment data show that trading volume across the Sui ecosystem reached $967.43 million on Tuesday, the highest level since early December. This increase suggests traders are returning to SUI after weaker performance last month.
DeFiLlama reports that Sui’s Total Value Locked (TVL) has been steadily rising since late December, reaching $1.04 billion on Tuesday, indicating increased activity and capital inflows into the ecosystem.
Derivatives data from CoinGlass show that open interest on SUI futures climbed to $947.26 million on Tuesday, up from $685 million a week earlier, signaling heightened speculative interest and leverage in the market.
SUI Could Rise Toward $2.34
The 4-hour SUI/USD chart looks bullish and effective, with SUI gaining 34% over the past seven days. Trading around $1.95, the token appears poised for further upside in the short term if momentum holds.
Should the bullish trend continue, SUI may extend its rally toward the weekly resistance level at $2.34. Momentum indicators currently support additional upward movement.
The Relative Strength Index (RSI) on the 4-hour chart sits at 85, above the overbought threshold, reflecting strong bullish momentum.
Additionally, the Moving Average Convergence Divergence (MACD) shows a bullish crossover with rising green histogram bars above the neutral line, further confirming upward pressure.
However, market corrections remain possible. If SUI experiences a pullback, it may decline toward the 50-day EMA near $1.66, which would act as a key support level to watch.