• Sui’s decentralized exchange (DEX) ecosystem saw a record $35 billion in total volume and $466 million in single-day volume.
  • On-chain metrics also highlight strength, with Total Value Locked (TVL) increasing from $1.51 billion to $1.87 billion since December 2, indicating growing user engagement and asset utilization.

The Sui (SUI) price surged to a new all-time high of $4.86 on Thursday. It has gained over 25% in the last 24 hours and 13% weekly amid significant developments within the Sui ecosystem. At a current market capitalization of $13.84 billion, Sui remains highly bullish.

Key Factors Fueling Sui Price Rally

There are several major factors behind the recent rally in Sui price. On Wednesday, December 11, Backpack announced the integration of its exchange and wallet with the Sui blockchain, reported CNF. This integration promises enhanced functionality for projects within the Sui network and improved user experiences. Following the news, Sui price soared nearly 18%, reflecting heightened investor optimism.

Additionally, Sui’s DEX ecosystem has been experiencing explosive growth. The blockchain recently broke a new record: the entire DEX volume reached more than $35 billion. Another interesting fact is that a single-day record of over $466 million in DEX volume was also recorded, indicating growing trader activity and liquidity within the Sui network.

Strong technical factors have supported the Sui price. On December 6, Sui broke its previous all-time high of $3.93, reaching $4.49 before experiencing a brief correction. It retraced to $3.38, aligning with the 61.8% Fibonacci retracement level from the October 28 low of $1.59 to the December 6 high of $4.49.

 

The price rebounded strongly from this support level, gaining over 17% on Wednesday and continuing its ascent to $4.86. Moreover, technical analysis would suggest that further rallies could continue. If the bullish pressure continues to be strong, the Sui price may move up to $5.68. This is the 141.4% Fibonacci extension from the same October 28 to December 6 range.

Sui Hits All-Time High as Backpack Integration Drives $466M DEX Surge image 0 Sui Hits All-Time High as Backpack Integration Drives $466M DEX Surge image 1 Source: TradingView

Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also suggest continued bullish momentum. The RSI recently bounced from the neutral 50 level and is now at 71, showing increasing buying pressure. Likewise, the MACD’s bullish crossover on Wednesday has strengthened buy signals on the daily chart.

On-Chain Metrics Strengthen Bull Case

Sui Hits All-Time High as Backpack Integration Drives $466M DEX Surge image 2 Sui Hits All-Time High as Backpack Integration Drives $466M DEX Surge image 3 Source: DeFiLlama

The on-chain activity supports the upward trajectory of the Sui prices. According to DeFiLlama, the Total Value Locked within the Sui network has grown from $1.51 billion on December 2 to $1.87 billion on Thursday, the highest since its inception in May 2023. The TVL increase translates to growing user engagement and asset utilization across protocols based on Sui.

Sui Hits All-Time High as Backpack Integration Drives $466M DEX Surge image 4 Sui Hits All-Time High as Backpack Integration Drives $466M DEX Surge image 5 Source: Coinglass

Furthermore, open interest in Sui futures has continuously grown. Coinglass data shows that OI surged from $675.45 million on Wednesday to a whopping $904.80 million on Thursday, indicating a 32.29% increase. This trend has been evident since the early days of November 2024, signaling further bullish momentum. The increase in OI shows fresh capital inflow and heightened investor interest.