SUI Skyrockets to $4.9 ATH on Backpack Integration & Record DEX Activity
By Vishakha Thakur
Sui has reached an all-time high of $4.9, surging nearly 20% over the past week and 10% in just 24 hours. This price spike comes on the back of strong ecosystem developments and record-breaking trading activity, solidifying its bullish trajectory.
The rally began gaining traction on Wednesday after the announcement of Backpack’s integration with the SUI blockchain. This partnership is set to enhance user experience while opening up new listing opportunities for projects on the SUI network. Following the news, SUI’s price jumped 18% in a single day, reflecting heightened investor optimism.
Adding to the momentum, Sui’s decentralized exchange volume reached unprecedented levels. Total DEX volume crossed $35 bn, with a 24-hour trading record of $466 mn on Wednesday, nearly double the previous daily average of $250 mn.
Infact, the Total value locked on the Sui network climbed from $1.51 bn on December 2 to $1.87 bn on December 12, marking a 23% increase.
Futures Open Interest also saw a dramatic rise, jumping 32% from $675 mn to $897 mn within a day, signaling robust market inflows and growing demand for SUI.
As per technical analysts, with Sui’s Relative Strength Index now at 71, SUI could extend its rally to $5.68.
SUI’s latest price surge, driven by ecosystem growth, trading activity, and strong technicals, underscores its growing prominence in the crypto market and as network activity and liquidity continue to climb, the bullish outlook remains intact.
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