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The native token of decentralized smart contract platform Sui (SUI) started the week with world class of $4.96, fueled by the overall bullish trend in the cryptocurrency market.
The momentum was short-lived, as SUI experienced a significant recovery on Friday, falling nearly 30% to $3.49. However, the token bounced back quickly, settling at around $4.55, representing a 12.8% increase from the week’s low and just 8.9% from the record high,
SUI Rises Amid Market Volatility
In sharp contrast, major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) continued to have floor maintenance following the US Federal Reserve’s (Fed)0 recent decision on interest rates.
The Fed’s flexible stance has had a negative impact on risk assets, which has affected the general sentiment in the market which has resulted in the market leading crypto, returning almost 10% to a record high of $108,000.
The volatility surrounding SUI led to the liquidation of nearly $14 million in both long and short positions in mid-term trading, with Binance reporting the highest number of liquidations in the past 24 hours, according to the report. data from Coinalyze.
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Notably, the latest analysis of him shown that Sui ranked third in net income in the past three months, with nearly $1 billion entering the network, highlighting the growing interest of investors in SUI, further strengthened by the new partnership with Phantom wallet.
The analyst of Crypto Route 2 FI noted in a recent social media post on X (formerly Twitter), that the bullish reversal in the price of SUI showed strong investor sentiment, leading to record highs at the beginning of the week.
Analyst Targets $6 As Market Momentum Builds
Michael van de Poppe, another respected commentator, he revealed the daily movement of candles on the SUI, which confirms that the price has entered support before quickly reversing. He expressed optimism that the trend is far from over, suggesting that the SUI could continue its upward path towards $6.
The recent increase in the price of SUI is expected to attract Bitcoin liquidity to its ecosystem, further promoting the token. bullish prospects. Technical analyst Rekt Capital stressed that SUI has successfully implemented post-exit reassessments from its re-accumulation range.
Rect again noted that the strategic partnership with Babylon Labs and Lombard Finance will facilitate the consolidation of Bitcoin liquidity, which can greatly benefit the Sui platform.
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The growing interest in SUI raises questions about its potential performance by 2025. However, crypto researcher Eyezenhour recently he insisted that while there are many reasons to be optimistic about the future of SUI, an important aspect is to pay attention.
The researcher asserts that Sui Network has started to attract institutional investors, which is a trend that is said to be prevalent. technologyupcoming integrations with Phantom and Backpack, and a talented core team and executive team.
This is expected to continue throughout the current bullish cycle until 2025, adding to the bullish sentiment for the altcoin as the year draws to a close.
Featured image from DALL-E, chart from TradingView.com
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