As the crypto market opened on Monday, Sui (SUI) was seen leading as one of the top gainers as it went through a massive surge over the weekend. In the last 24 hours, the SUI token had spiked 32.4% while its market capitalisation was close to $8.7 billion. The token gained 60% in the last week as Donald Trump won the US election.
This surge in price has made the token the 15th most valuable crypto in the world as of November 11. This happened at a time when the lending protocol of the Sui network Scallop (SCA) has seen an 87% jump in its price while its total value locked (TVL) shot up by 25.3%
All this indicates a rising interest in the Sui network and digital assets linked to it.
Not just the market capitalization and the price, the SUI token's trading volume has also gained over the last week, with a 250% spike observed in the last 24 hours alone. This shows the crypto investors' interest in the coin which caused the heightened market activity.
Many analysts are predicting that this bullish run is likely to continue as we move ahead this week. They have attributed this price rise to the market conditions in the aftermath of Trump's win in the US election and the strong on-chain metrics.
As per the MACD analysis of the SUI price chart, there is an upward trend for this token as the MACD line is running above the signal line at 0.0211 against -0.0027 which suggests a positive momentum. The green bars with increasing height in the histogram vindicate the bullish trend prediction while the gap between the signal line and MACD suggests that the buying pressure is strengthening.
The 1.2590 positive value in Bull Bear Power (BBP) analysis further reiterates the bullish trend forecast as it means that the buying strength has crossed the selling pressure and bills are ruling the market.
Last week’s rally has made analysts optimistic about Sui’s future as they forecast a target of $10 for the digital asset if it follows the upward trend l. This prediction is based on the Sui Network's on-chain metrics like active user engagement and high trading volume. Sui is likely to witness another rally in November if the current dynamics continue which would result in the token getting to the $10 target.
At the time of writing, Sui was up 7.16% in the last 24 hours to trade at $3.17 while the trading volume has gone down 0.38% to touch $3.27 billion and the market cap is at $9.04 billion.