Sui resumed its strong uptrend, rising nearly 20%. At last check on Saturday, its price was hovering around $5.13.

Sui (but), a popular tier 2 network, has been one of the best-performing cryptocurrencies, rising more than 1,312% from its 2023 low.

This performance has pushed its market capitalization to over $15 billion, making it the 13th largest cryptocurrency in the industry.

Sui's rise coincided with the ecosystem's continued growth as the total value held in the DeFi ecosystem rose to a record high of $1.96 billion.

The biggest players in their DeFi ecosystem are Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.

Sui partnerships

Sui has also grown after securing major partnerships with major companies such as VanEck, Grayscale and Franklin Templeton. For example, Grayscale launched the Sui Trust, which has accumulated more than once 14 million dollars In the assets. If the SEC changes its view on cryptocurrency ETFs under... Paul AtkinsThis could indicate that the company will apply for the Sui Spot ETF in 2025.

Sui also had more successes that pushed her to a record high. It has listed four stablecoins such as USD Coin, AUSD, FDUSD and USDY, which have a combined market capitalization of over $406 million.

It also launched Deepbook V3, its native order book, whose trading volume has jumped to more than $1 billion. Its DEEP token has gained a market cap of over $375 million.

Meanwhile, Sui's DEX ecosystem is thriving, handling more than $46 billion in volume since its inception.

More data shows that open interest in Sui futures has risen to a record high of $963 million. This is a significant increase from this week's low of $650 million and a sign that the SUI token is gaining traction among investors.

Sui price forecast

The daily chart shows that the SUI token has been bullish this year, rising for four straight days and flipping resistance at $5 into resistance. In doing so, the coin invalidated the dangerous double top pattern that had its neckline at $4. The double top is a common reversal sign in the market.

Sui's price has been supported by the 50-day moving average, below which it has failed to move since September last year. It's also a cheap coin, with the Z-score for market cap to realized value falling to 2.7. A cryptocurrency is said to be expensive when it has a Z-score of 3.8.

Therefore, the technical indicates that the price of SUI will rise to the Murrey Math Lines maximum of $5.50. A move above this level will increase the odds of it moving to the next crucial level at $10.