Sui (SUI) Hits New ATH, Fibonacci Retracement Levels Suggest It Could Aim for $7.66

Sui, the native token of the Sui blockchain, has shown significant growth in recent months, claiming a new price peak during the latest broader market recovery.

Sui (SUI), the native token of the Sui blockchain, has claimed a new price peak during the latest broader market recovery. Hitting a new all-time high of $4.91, SUI has clocked a 38% gain in December alone.

This builds on an impressive 76% rise in November, signaling strong bullish momentum. As SUI continues to climb, its Fibonacci retracement levels suggest it could aim for $7.66, with this target possibly materializing if the broader bull market sustains into 2025.

Several key factors are driving this optimism. First, SUI’s recent rally confirms increasing market confidence. After reaching $4.91, the token has seen minor pullbacks but maintained critical support levels.

This resilience showcases strong buying momentum, even as its Relative Strength Index indicates overbought conditions. If SUI manages to reclaim its ATH and cross the psychological $5 barrier, it could enter a price discovery phase.

The Fibonacci retracement levels place $6.12 as the next target, with a possible upside to $6.75 and eventually $7.66. These represent the asset's realistic milestones if the momentum continues.

Second, the recent integration with Backpack, a crypto exchange and wallet platform, is a major catalyst for Sui’s growth and could spur further upside.

Backpack's decision to adopt Sui's high-performance blockchain opens significant opportunities for both platforms. With a user base spanning 150 countries and a trading volume of $60 billion in its first year, Backpack brings considerable credibility.

For Sui, the partnership enhances its ecosystem by simplifying asset management and trading. Backpack users will gain seamless access to Sui’s network. This came less than a week after Phantom announced it would integrate Sui.

Notably, this development also includes Backpack's wallet, which supports multiple chains like Solana and Ethereum. The collaboration has already contributed to the SUI price surge.

Third, Sui's total value locked recently hit an all-time high of $1.835 billion, growing by 17% in a single day, according to data from DeFiLlama.

This increase represents an additional $273 million in TVL, largely driven by its decentralized finance protocols. 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.

These bullish metrics are capable of attracting further demand into the Sui ecosystem, potentially contributing to further price growth as 2025 nears. Sui also partnered with Franklin Templeton last month.

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