Key takeaways
- SUI is up 17% in the last 24 hours and is now trading at $1.95.
- The rally comes as Mysten Labs researchers explore privacy features for blockchains, placing Sui alongside Ethereum and Solana in the account-based model.
SUI tops $1.95 after 17% rally
SUI, the native coin of the Sui blockchain, is up 17% in the last 24 hours, making it the best performer among the top 20 cryptocurrencies by market cap. The coin is now trading at $1.95, close to a two-month high, thanks to this rally.
The rally comes following a recent paper by Mysten Labs researchers that explores privacy features for blockchains, placing Sui alongside Ethereum and Solana in the account-based model.
The paper places Sui firmly within the account-based model, alongside Ethereum and Solana. It also looked at how such systems could implement confidential balances, limited anonymity sets, or sender-receiver unlinkability using cryptographic primitives such as homomorphic encryption and zero-knowledge proofs.
In addition to that, on-chain and derivatives data suggest growing market participation. Data obtained from Santiment shows that the Sui ecosystem’s trading volume reached $967.43 million on Tuesday, the highest since early December. This surge suggests that traders are taking an interest in Sui again following the poor performance recorded last month.&
According to DeFiLlama, Sui’s Total Value Locked (TVL) has been steadily rising since the end of December, reaching $1.04 billion on Tuesday.
Furthermore, CoinGlass’s derivatives data shows that SUI futures Open Interest (OI) at exchanges rose to $947.26 million on Tuesday, up from $685 million recorded a week ago.
SUI could surge to the $2.34 level
The SUI/USD 4-hour chart is bullish and efficient as Sui has added 34% to its value in the last seven days. The coin is now trading around $1.95 and could surge higher in the near term.&
If the bullish trend continues, SUI could extend the rally toward the weekly resistance level at $2.34. The momentum indicators currently support further bullish movements.&
The Relative Strength Index (RSI) on the 4-hour chart is 85, above the overbought threshold, indicating strong bullish momentum.&
Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and rising green histogram bars above the neutral level.
However, if the market undergoes a correction,&
On the other hand, if SUI corrects, it could extend the decline toward the 50-day EMA at $1.66.
The post SUI surges 17% on Mysten Labs promotion, eyes $2.3 appeared first on CoinJournal.
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