SUI Network [SUI] has reached a significant milestone in its evolution, with the blockchain network concluding its latest weekly trading at an all-time high price point since the inception of its mainnet.
This signals a remarkable extension of the recent positive momentum, following the establishment of a new record just seventy-two hours ago.
The escalation in price mirrors both the growing market trust in SUI’s environment and a more widespread improvement in the general sentiment surrounding Layer 1 blockchain projects.
Unprecedented Growth Momentum
Concluding the week at $4.23, SUI achieved its highest weekly closure to date following the mainnet launch. During the seven-day duration, SUI witnessed a significant surge, registering a gain of over 35% in value.
The upsurge was primarily fueled by heightened trading activity and sustained optimism within Layer 1 ecosystems.
A crucial breakout above the $3.50 mark midweek served as a trigger, propelling the price to a fresh all-time peak of $4.45 before experiencing a slight pullback.
The weekly conclusion demonstrated robust market confidence, underpinned by the accumulation of higher lows on the daily chart. Current technical signals point towards $4.50 as the forthcoming critical resistance level for SUI.
SUI: Technical Analysis
At 61.67, SUI’s RSI indicates a bullish trajectory while remaining below the overbought threshold of 70, implying further room for growth if buying pressure endures.
The On-Balance Volume (OBV) illustrates a consistent upward trend, reflecting accumulation and sustained interest among market participants.
Nonetheless, the recent downturn in price to $3.94 underscores potential profit-booking activities that could test immediate support in the vicinity of $3.80. A breach beneath this mark might signal a brief corrective phase.
On the contrary, maintaining robust OBV levels would confirm enduring demand, positioning SUI to recapture its recent high of $4.45 and potentially challenge novel resistance at $4.50.
Factors Driving SUI’s Price Surge
The recent ascent of SUI to $4.23 results from a blend of favorable developments.
Primary catalysts include an upswing in developer engagements on its Layer 1 blockchain, with numerous DeFi and gaming ventures announcing integrations throughout the previous week.
Furthermore, the surge to a daily transaction volume of $20 million on the 6th of December accentuated a surge in network activity.
Institutional interest has surged notably, as indicated by heightened staking engagements and substantial whale accumulation, particularly post the attainment of a new all-time peak by SUI on the 3rd of December.