Sui’s 20% surge sparks frenzy in the global crypto community 

The crypto asset trended throughout the weekend as its holders counted their unrealized profit.

The cryptocurrency’s exceptional performance in 2023 has seen it skyrocket by over 1,312% from its lowest point, pushing its market capitalization to more than $15 billion and solidifying its position as the 13th largest cryptocurrency, according to CoinGecko data.

Sui’s rally aligns with the expansion of its Decentralized Finance (DeFi) ecosystem, where the total value locked (TVL) recently reached a record $1.96 billion.

Key contributors to this growth include protocols such as Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.

Sui’s partnerships with top financial firms like Grayscale, VanEck, and Franklin Templeton have further boosted its growth. Grayscale, for example, launched the Sui Trust, which now manages over $14 million in assets.

Industry experts speculate that if the U.S. Securities and Exchange Commission (SEC) softens its stance on cryptocurrency ETFs under Commissioner Paul Atkins, Grayscale could apply for a spot Sui ETF by 2025.

Sui has achieved additional milestones that reinforce its bullish momentum:

Sui’s futures open interest has also seen a substantial increase, reaching a record high of $963 million, up from this week’s low of $650 million, signaling heightened investor confidence.

Sui’s price action this year has been bullish, with the token flipping the $5 resistance level into support and invalidating a bearish double-top pattern. This reversal has been bolstered by the 50-day moving average, a key support level since September last year.

A break above $5.50 could set the stage for a rally toward the psychologically significant $10 mark, further cementing its upward momentum.

Sui’s ecosystem growth, strategic partnerships, and strong technical fundamentals suggest a bullish outlook. With its market performance and investor interest peaking.

Sui remains a cryptocurrency to watch in the coming months following its performance over the weekend.