Sui (SUI) Price Analysis – Break Above $5.0 Imminent as On-chain Activity Booms

The Sui (SUI) bulls remain very much in control on the eve of Christmas Day 2024, with the price last around $4.60, only just below the record highs it hit near $5.0 earlier in the month.

SUI continues to find strong support upon retests of its major moving averages, including an impressive bounce last week from the 50DMA.

That suggests appetite to buy the dip remains elevated, and pressure could be building for an explosive pop above the $5.0 level in the coming weeks.

The bullish Sui price action shouldn't come as a surprise against the backdrop of booming on-chain activity, souring trading volumes, and a fundamental backdrop that remain a strong tailwind for crypto markets going into 2025.

Per DeFi Llama, the USD value of crypto locked in smart contracts on the Sui blockchain is at record highs near $1.8 billion, on-chain volumes are routinely clocking in in the $400 million to $600 million range, and perp volumes are trending back towards their highest levels of the year.

Sui's official X page recently tweeted a summary of the blockchain's bumper year of growth.

2024 was so awesome for the Sui community, words just aren't enough…

…so we decided to use numbers! Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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