SUI Crypto Eyes 100% Rally Following The Latest Breakout

Layer-1 blockchain network Sui has been grabbing the limelight, with native token SUI staging a strong 54% rally along with the broader crypto market over the past month.

With SUI price now surging past $4.2 recently, market analysts share the potential of another 100% upside from here onwards. That could probably lead to another bullish rally, taking SUI in the list of top ten cryptocurrencies by market cap.

SUI Crypto Price Stages Strong Breakout, Eyes $8

Crypto analyst Ali Martinez has noted that SUI has broken out of a symmetrical triangle pattern on the daily chart, signaling a potential bullish continuation. Based on the breakout, Martinez projects a price target of $8, suggesting significant upside from current levels.

Following the recent breakout to $4.2, the SUI market cap has surged to $14.59 billion. Thus, it became the 12th-largest crypto, leaving behind Stellar (XLM), Chainlink (LINK), and Hedera (HBAR).

Additionally, the Sui daily trading volumes have also surged by a staggering 18% to more than $2.58 billion. That suggests solid bullish sentiment among traders.

As per the CoinGlass data, the SUI futures open interest is also up by 10%, surging past $2.7 billion. It shows traders are bullish about the future price action. Furthermore, the 24-hour SUI liquidations have soared to $5.15 million.

SUI Crypto Helping with Bitcoin Connectivity

Crypto analyst Michael van de Poppe has highlighted SUI’s ongoing efforts to establish interoperability with Bitcoin and advance the development of Bitcoin DeFi (BTCfi). According to van de Poppe, this initiative represents a major unlock for the broader crypto space.

He noted that the SUI ecosystem is expanding rapidly. Its total value locked (TVL) is growing steadily, and the recent price action confirms a significant breakout. As per the DefiLlama data, the total value locked on the Sui blockchain network has surged to $2.3 billion, hitting a fresh all-time high.

While a short period of consolidation may follow, van de Poppe believes SUI price is well-positioned to continue its upward trajectory and potentially reach a new all-time high. Furthermore, financial asset managers have started seeing SUI as a cryptocurrency with strong potential.

Last week, the U.S. Securities and Exchange Commission (SEC) officially acknowledged a proposed rule change filed by Cboe BZX Exchange on July 22, seeking approval to list and trade trust shares of the Canary SUI ETF.

The acknowledgment marks the beginning of the review process and sets SUI on a potential path toward becoming a regulated exchange-traded fund (ETF).

Sui Crypto Token Unlocks to Watch Ahead

The Layer-1 blockchain network, Sui, is set to unlock 44 million SUI tokens valued at approximately $190 million. While the release accounts for just 1.27% of the circulating supply, the significant dollar value positions it as a notable event for investors within the Sui ecosystem.