Sui has climbed over 38% since the start of January, reaching its highest price in nearly two months. The rally comes despite a major token unlock on Jan. 1 that added 43.69 million tokens worth $65.10 million to circulation.
What Happened: Price Rally
Sui surged to $1.99 in early Asian trading hours on Jan. 6, a level not seen since mid-November. The token has closed in green for five consecutive days, marking its longest winning streak since April.
In the past 24 hours alone, SUI jumped 14.8% and was trading at $1.96 at press time.
The gain placed Sui as the top performer among the 100 largest cryptocurrencies on CoinGecko, while daily trading volume surged over 91% to $1.7 billion.
Crypto analysts noted that network activity has remained strong after the Mysticeti v2 upgrade, maintaining 866 transactions per second. Chassé also pointed to spot SUI exchange-traded fund filings from Bitwise and Canary Capital as signs of growing institutional interest.
Also Read: Ethereum Climbs Past $3.2K As Blue Origin Integrates Crypto Payments Through NYSE-Listed Shift4
Why It Matters: Technical Outlook
Several analysts expect SUI to extend its gains based on technical indicators and broader market conditions. One analyst observed that SUI rebounded from a triple-bottom formation, a setup that typically signals strong support.
Trader CryptoBullet forecasted price targets between $2.8 and $3.5, while others suggest that if market conditions favor altcoins, Sui's market cap could approach $30 billion, representing a more than 300% increase from its current value of $7.3 billion.
Read Next: Does Venezuela Hold 600K Bitcoin Worth $56B? Evidence Remains Elusive