SUI's 73% weekly price gains top crypto market — New price record in reach?

Key takeaways: 

• SUI is up 23% in the past 24 hours and 73% weekly, outperforming top-cap cryptocurrencies.

• The launch of the Grayscale SUI Trust and the xPortal/xMoney Mastercard partnership boosted investor confidence.

• SUI’s TVL is up 40%, and daily DEX volumes surge by 177%, signaling strong ecosystem trust and utility.

Sui (SUI) price was up 23% in one day, to trade at $3.67 on April 25. This is part of a prevailing rebound that began on April 21 and has seen Sui rise more than 73% over the last seven days.

Data from Cointelegraph Markets Pro and TradingView shows SUI rose from a low of $2.11 on April 21, climbing as much as 77% to an intraday high of $3.71 on April 25.

SUI’s performance over the last seven days made it the biggest gainer among the top 100 cryptocurrencies by market cap.

SUI’s gains are primarily fueled by increasing investor confidence following the Grayscale SUI Trust launch and SUI’s strategic partnership with xPortal and xMoney to issue a virtual Mastercard across Europe.

“SUI’s officially out of stealth mode,” said pseudonymous analyst Kyledoops in an April 24 post on X.

“Grayscale just launched a trust, social chatter is exploding, and it’s [SUI] now sitting above AVAX and LINK in market cap,” Kyledoops expressed, adding:

On April 23, Grayscale launched the Grayscale SUI Trust, which enables investors to gain exposure to SUI. The trust is now open to all eligible accredited investors.

Adding to the tailwinds is SUI’s latest partnership with xPortal and xMone, which introduced a virtual Mastercard, enabling 2.5 million European users to spend the token at over 20,000 merchants via Apple Pay and Google Pay.

Sui remains among the top 10 layer-1 blockchains, with over $1.65 billion in total value locked (TVL) on the network. The chart below shows that the SUI’s TVL has increased about 40% over the last seven days.

Compared to other top-layer networks, SUI is well ahead of its rivals in terms of TVL gains on the daily, weekly and monthly time frames, as shown in the chart below.

SUI’s daily DEX volumes have risen by more than 177% over the last week, to $599 million. This is significantly higher than the 68% and 67% increases on BNB Chain and Solana, respectively.

Related: Price predictions 4/23: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, AVAX, SUI

Although Ethereum remains the undisputed leader at $10.6 billion, this has declined by more than 14% over the last seven days.

From a technical perspective, SUI price gained momentum after breaking out of a falling wedge pattern, as shown on the daily chart below.

After breaching a multimonth resistance trendline near $2.20, SUI reached the wedge’s technical target at $3.30. 

Bulls are now focused on all-time highs of $5.35, reached on Jan. 6.

The relative strength index (RSI) has increased from 45 to 78 since April 20, reinforcing the strength of the bullish momentum.

However, to sustain the ongoing recovery, SUI price has to first overcome the resistance between $4.50 and $5.10, before going into price discovery.

Based on Elliott Wave analysis of the weekly chart, pseudonymous analyst Bitcoinsensus set a “massive” price target of $11.50 for SUI.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.