SUI Surges 40%: Analytics Firm Explains What’s Driving The Rally

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Sui has witnessed a significant rally over the past week and has outperformed other digital assets. Here’s what’s behind the surge, according to Santiment. Sui Rallied To A Peak Of $1.41 On Sunday The cryptocurrency sector as a whole has seen some recovery over the last week, but a few assets have clearly stood out in terms of the returns that they have witnessed. Among these is Sui, which is up nearly 40% inside the window. Related Reading Bitcoin Exits ‘Panic Zone,’ But Capital Inflows Remain Weak 8 hours ago The below chart shows how the altcoin’s recent trajectory has looked. The price of the coin seems to have shot up in recent days | Source: SUIUSDT on TradingView As is visible in the graph, SUI shot up to a peak of $1.41 on Sunday. Compared to the $0.90 baseline before this rally, the run resulted in an increase of more than 56%. Though, the asset hasn’t been able to retain all of these profits, as its price has retraced back to the $1.28 mark. Nonetheless, its weekly jump of close to 40% is still among the best returns in the market. Following the surge, Sui ranks as the 21st largest token in the sector in terms of market cap . The market caps of the digital assets ranked 19th to 23rd | Source: CoinMarketCap From the table, it’s visible that with a market cap of over $5.1 billion, Sui ranks ahead of Litecoin (LTC) , which has a total valuation of about $4.5 billion. The altcoin still falls short of the stablecoin Dai (DAI), but only by around $230 million. Now, what’s behind the sharp rally experienced by the cryptocurrency? On-chain analytics firm Santiment has provided some insight. SUI’s Run Has Come Without A Social Dominance Spike In a new post on X, Santiment has talked about the latest SUI price surge. According to the analytics firm, the trigger behind the rally has been Sui Group moving its entire 108.7 million tokens treasury from DeFi protocols to direct staking. This shift alone removed 2.7% of the cryptocurrency’s supply from liquid circulation. Santiment added that there were also two other catalysts, noting “CME Group SUI futures launching May 29 (only the fifth L1 with regulated derivatives access), and Paga partnership for cross-border African payments.” Related Reading XRP Pulls Back, But TD Sequential Flashes Buy Signal 3 days ago An interesting trend that has come alongside the rally is in the asset’s Social Dominance , which is an indicator tracking the percentage of social media discussions related to the top 100 tokens that involve Sui. How the Social Dominance of the coin has changed over the last couple of weeks | Source: Santiment on X As displayed in the above chart, the Sui Social Dominance spiked to 0.38% before the rally, but interestingly, it remained at just 0.14% during the surge. This means that despite the impressive rally, the asset didn’t catch the attention of the masses. “The conversation isn’t outrunning the price,” said Santiment. “Institutional supply locks driving a rally look different on-chain than retail FOMO.” Featured image from Dall-E, chart from TradingView.com