- SUI surged 17.85% to a new all-time high of $5.03.
- The altcoin market capitalization has crossed the $15 billion mark, with the crypto now ranked 12th.
Over the past 24 hours, SUI has outperformed the majority of the crypto market. In fact, the cryptocurrency rose from a low of $4.2 to a new all-time high of $5.03. At the time of writing, the altcoin was trading at $5.01 after rising almost 18%. Needless to say, this had a corresponding positive impact on the altcoin’s market capitalization and trading volume, with the former increasing by over 17%.
This increase in market capitalization now constitutes the most significant development in the market. Even more so because through this, SUI has flipped established coins such as TON, SHIB, XLM, and LINK on the crypto leaderboards.
At press time, Chainlink (LINK) was following SUI’s lead with a market cap of $14.82 billion. Behind him, Toncoin (TON) with $14.6 billion, Shiba Inu (SHIB) with $14.46 billion and finally Stellar (XLM) with $14.1 billion.
Hence the question: can SUI maintain its uptrend?
Will the rally continue?
According to AMBCrypto analysis, SUI is experiencing strong bullish momentum, with its markets full of bullish sentiments.
Source: Tradingview
We can see this strong upward momentum with a sustained rise in its Stoch RSI. In fact, Sui’s Stoch has surged to 81 since it made a bullish crossover on New Year’s Eve. This seems to confirm that the uptrend is intact and poised to continue.
This can be further confirmed by a rise in the +DI of (the Directional Movement Index), the same climbing to 21 while the ADX decreased to 18.
Source: Coinglass
Additionally, the market’s uptrend can be evidenced by the higher number of traders taking long positions.
Over a 4 hour period for example, 51% of investors take long positions. When more traders go long, it implies that they are optimistic and anticipate further gains.
Source: Santiment
Finally, SUI’s total funding rate aggregated by asset turned positive over the last 24 hours. When this turns positive, it means that futures contracts are trading at a premium to the spot market – a sign that optimism is driving up prices in the futures market.
What lies ahead for the altcoin?
In conclusion, SUI has entered a bullish phase and investors are now expecting more gains. SUI toppling a bunch of altcoins in one go is also a sign of its market strength.
Therefore, the altcoin could see more gains on its price charts.
