Sui (SUI) entered the new year with renewed momentum, rising more than 38% since the beginning of January. This rally pushed the altcoin to its highest level in about two months.
On-chain data shows sustainable network activity and overall ecosystem recovery, reinforcing the positive outlook. Against this backdrop, several analysts expect SUI to rise further.
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SUI becomes top gainer in crypto market today
According to data from BeInCrypto Markets, SUI continues to close in the green for five consecutive days, marking its longest streak since April. At the beginning of today’s Asian trading session, the altcoin soared to $1.99. The last time this level was seen was in mid-November.
In the past 24 hours alone, the value of SUI has increased by 14.2%. At the time of writing, it was trading at $1.94.
This double-digit increase earns SUI the #1 spot among CoinGecko’s top 100 daily price gainers. Additionally, trading activity remained strong, with daily trading volume increasing by more than 91% to $1.7 billion.
Its strength is not limited to SUI. Consistent with the rise seen across the broader market, tokens in the Sui ecosystem have also seen notable gains.
Crypto analyst Kyle Chassé noted that this rally is especially noteworthy given the timing of the large-scale token release. On January 1, 43.69 million SUI tokens entered circulation through the project’s monthly vesting schedule, with an estimated value of $65.1 million.
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Unlocking a token increases its circulating supply, which can typically put downward pressure on its price. However, SUI continued to rise during this period, indicating that the market absorbed the additional supply.
Additionally, Chassé noted that network activity remained strong after the Mysticeti v2 upgrade, maintaining 866 transactions per second. The analyst also cited spot SUI ETF filings as a sign of growing institutional interest in the asset.
“A ‘major in the institutional world’ reversal is happening in real time as Bitwise and Canary Capital file for a spot SUI ETF. In detail, Sui is more than just a Solana killer. It’s a full-stack execution engine with protocol-level privacy in Q1. Suinami is now making waves,” the analyst wrote.
Analysts expect further upside for SUI
Meanwhile, many market participants predict that SUI may rise further. One analyst observed that SUI has rebounded from a triple bottom formation, a technical setup that usually indicates strong support.
The token has also regained the $1.75 level, reinforcing bullish sentiment. Another trader, CryptoBarret, predicted that SUI could continue to rise, with a target price of $2.8 to $3.5.
Analyst Moon Jeff suggested that if the market turns favorable for altcoins, SUI’s market cap could approach $30 billion, which could be more than a 300% increase from the current $7.3 billion.
“SUI is an undervalued L1. I wouldn’t be surprised if it probably reaches a market cap of 30 billion in a strong alternative season,” the post reads.
However, such forecasts are highly dependent on broader market conditions, the continued growth of the network, and investors’ risk appetite. As with any sudden price increase, volatility remains an important factor to watch.
