Three reasons SUI could target $7.66 by 2025

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As a seasoned researcher with years of experience navigating the crypto market’s volatile tides, I must say that Sui (SUI) has caught my attention like never before. The recent price action and bullish indicators suggest an intriguing narrative for this token.

In the past few months, Sui’s native cryptocurrency, Sui, has experienced remarkable expansion, reaching a new high point during the recent upswing in the overall crypto market.

Of particular interest is that SUI reached a record peak of $4.91 this past month, representing a substantial 38% increase in just December. This growth follows a remarkable 76% surge in November, indicating a robust upward trend.

As SUI keeps rising, its Fibonacci retracement levels indicate a potential goal of around $7.66 might be reached. This target could become a reality if the overall bullish trend persists until 2025. Multiple significant aspects fuel this positive outlook.

Initially, the surge in SUI’s price indicates growing market trust. Having peaked at $4.91, the token encountered slight downturns yet managed to hold onto crucial support zones.

Showing robust purchasing drive despite signs of overbought status on the Relative Strength Index, SUI might be on track to break its All-Time High (ATH) and exceed the symbolic $5 mark. If this happens, SUI may initiate a period of price exploration.

Based on Fibonacci retracement analysis, the next potential goal for this asset could be around $6.12. If the positive trend persists, it might reach as high as $6.75 and potentially even $7.66. These levels are realistic markers for the asset’s progression if the momentum holds steady.

Following this, the latest collaboration with Backpack, a prominent cryptocurrency exchange and digital wallet service, serves as a significant driver for Sui’s development and may prompt additional gains.

By choosing to integrate with Sui’s robust blockchain technology, Backpack presents substantial advantages for both systems. Boasting a global user base across 150 nations and a staggering trading volume of $60 billion within its initial year, Backpack lends an impressive level of trustworthiness to the partnership.

As an analyst, I can express that partnering with Backpack streamlines my (Sui’s) ecosystem by making asset management and trading more straightforward. This collaboration grants Backpack users effortless access to our network. This exciting development follows closely on the heels of Phantom’s announcement about integrating Sui, which occurred just a few days ago.

It’s worth noting that alongside this progress, Backpack’s digital wallet, compatible with various platforms such as Solana and Ethereum, is part of the package. This partnership has already triggered a rise in SUI prices.

3rd Point: As per DeFiLlama’s data, the total value locked by Sui has reached a new peak of $1.835 billion, marking a 17% surge within a day. This growth equates to an extra $273 million in TVL (Total Value Locked), primarily fueled by its decentralized finance programs.

Suilend Protocol alone accounts for $583.61 million, with a 27% daily increase, while NAVI Protocol follows with $553.8 million after a 20.79% rise.  

The ecosystem also witnessed a record $466.65 million in daily decentralized exchange volume, showcasing growing user activity. Higher TVL and trading volumes demonstrate increasing trust in the network, attracting more participants and boosting SUI’s utility.

Positive indicators for Sui could draw more interest into its system, possibly leading to additional price increases as we get closer to 2025. Notably, Sui recently joined forces with Franklin Templeton.

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2024-12-12 12:52