Within the past day, SUI has demonstrated exceptional performance in comparison to the broader crypto market. Notably, the digital currency skyrocketed from a low of $4.2 to achieve a new all-time peak of $5.03. Presently, the altcoin is being traded at $5.01, reflecting almost an 18% increase. This significant surge has positively impacted SUI’s market capitalization, which has soared by over 17%.
This surge in market capitalization marks a remarkable development in the market considering that as a result, SUI has overtaken prominent cryptocurrencies such as TON, SHIB, XLM, and LINK on the crypto rankings.
As of now, Chainlink [LINK] is following in SUI’s footsteps with a market cap of $14.82 billion. Subsequently, Toncoin [TON] holds $14.6 billion, Shiba Inu [SHIB] has $14.46 billion, and Stellar [XLM] possesses $14.1 billion.
Therefore, the burning question remains – Can SUI maintain its upward trajectory?
Is the Bull Run Sustainable?
According to analysis by CryptoCrypto, SUI is displaying robust positive momentum in its markets, characterized by prevailing bullish sentiments.
Evidently, there is a strong upward trend depicted by a consistent increase in its Stoch RSI. SUI’s Stoch has surged to 81 following a bullish crossover on New Year’s Eve, validating the continuity of the uptrend.
This bullish outlook is further confirmed by a rising +DI in the Directional Movement Index, ascending to 21 while the ADX shows a decline to 18.
Moreover, the market’s bullish sentiment is evident from the escalated count of traders opting for long positions.
For instance, on the 4-hour timeframe, a significant 51% of investors are currently opting for long positions. A surge in long positions indicates bullish bias and expectations of further price appreciation.
Lastly, SUI’s aggregated total funding rate has turned positive in the last 24 hours. A positive funding rate signals that future contracts are trading at a premium compared to the spot market, signifying optimism driving price increments in the Futures market.
What Awaits the Altcoin in the Future?
To conclude, SUI has embarked on a bullish trajectory and investors are anticipating further price growth. The swift overtaking of several altcoins by SUI underscores its market potency, hinting at potential additional price surges on the horizon.