Sui Price Hits New All-Time High of $4.8 Amid Ecosystem Milestones

Sui (SUI), the blockchain platform, saw its price surge to a record $4.86 on Thursday, marking a more than 20% increase over the past week. The rally comes in the wake of key developments, including a major integration announcement and rising decentralized exchange (DEX) activity.

Factors Behind Sui’s Rally

1. Backpack Integration Announcement

On Wednesday, the Backpack exchange and wallet revealed its integration with the SUI blockchain. The news sparked an 18% jump in SUI’s price as the integration is expected to create more opportunities for projects within the Sui ecosystem and improve user experience.

2. Record DEX Volume

Sui announced via Twitter that its DEX trading volume exceeded $35 billion in total and achieved a 24-hour high of $466 million. The surge in trading activity highlights increased liquidity and growing trader interest in the Sui network.

3. Rising Total Value Locked (TVL)

According to DefiLlama, Sui’s Total Value Locked (TVL) rose from $1.51 billion on December 2 to $1.8 billion on Thursday, marking its highest level since the blockchain’s launch in May 2023. The TVL growth reflects heightened user activity and asset utilization within SUI-based protocols, strengthening its bullish momentum.

On-Chain Metrics Support a Bullish Outlook

Sui’s on-chain performance metrics align with its price rally. The combination of increased TVL, robust DEX activity, and high-profile integrations suggests sustained interest in the ecosystem. Analysts believe these developments could pave the way for further price appreciation if the trends continue.

Market Impact

Sui’s recent performance places it among the top-performing assets, with its market capitalization reaching $14.10 billion, according to CoinGecko. Whether the bullish momentum will persist depends on continued ecosystem growth and broader market conditions.