$SUI
Over the past four hours, the SUI/USDT trading pair has experienced notable activity, reflecting recent developments within the Sui ecosystem and broader market dynamics. As of the latest data, SUI is trading at approximately $2.96, marking a 3.14% increase from the previous close. The intraday high and low stand at $3.25 and $2.79, respectively.
In December 2024, Sui achieved significant milestones that have influenced its market performance. The token reached an all-time high of $4.91, driven by the integration of Backpack with the Sui blockchain. This integration enhanced user accessibility and functionality, leading to increased adoption and activity within the Sui network.
Following the Backpack integration, Sui's Total Value Locked (TVL) surged by 17%, reaching a new peak of $1.84 billion. This increase indicates growing user engagement and confidence in the platform's DeFi offerings. Additionally, Sui's decentralized exchange (DEX) volume experienced a 170% spike, setting a 24-hour record of over $466 million.
The recent surge in SUI's price and activity can also be attributed to Phantom Wallet's integration with the Sui blockchain. Announced on December 5, 2024, this integration allows users to access features like staking, token swaps, and NFT storage, thereby increasing Sui's appeal and user base. This development led to a sharp 15% daily increase in SUI's price and contributed to record-breaking on-chain metrics.
Technical analysis suggests a continuation of the bullish trend. The Relative Strength Index (RSI) on the daily chart reads 76, trading above its overbought level of 70. While this indicates strong buying pressure, traders should exercise caution, as overbought conditions can precede price corrections.