The post SUI’s 35% price jump amidst new ATH: What’s driving the rally? appeared on BitcoinEthereumNews.com.

contributor Posted: December 10, 2024 SUI posted a record weekly close of $4.23, backed by surging market confidence. Recent activity highlighted strong developer adoption and institutional interest in SUI’s ecosystem. Sui Network [SUI] has achieved a major milestone in its journey as the blockchain network closed its latest weekly candle at the highest price level since its mainnet launch. This marks an exciting continuation of the recent bullish momentum, following a new ATH set just three days ago. The surge in price reflected both increasing market confidence in SUI’s ecosystem and a broader uptick in the market sentiment surrounding Layer 1 blockchain projects. Record-breaking momentum SUI ended the week at $4.23, marking its highest-ever weekly close since the mainnet launch. The 7-day period saw a sharp upward trajectory, with SUI gaining over 35% in value. The rally was driven by increased trading volume and sustained bullish sentiment across Layer 1 ecosystems. Source: X A key breakout above $3.50 midweek acted as a catalyst, pushing the price to its new all-time high of $4.45 before a minor retracement. The weekly close reflected strong market confidence, supported by accumulating higher lows on the daily chart. Technical indicators now suggest $4.50 as the next critical resistance zone for SUI. SUI: Technical insights SUI’s RSI was at 61.67, indicating bullish momentum while staying below the overbought threshold of 70. This suggests room for further upside if buying pressure persists. OBV shows a steady upward trend, reflecting accumulation and consistent interest among market participants. Source: TradingView However, the recent dip in price to $3.94 highlights potential profit-taking, which could test immediate support near $3.80. A breach below this level might signal a short-term correction. Conversely, maintaining strong OBV levels would validate ongoing demand, positioning SUI to reclaim its recent highs at $4.45 and potentially challenge…

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Filed under: News - @ December 10, 2024 6:18 am