Sui (SUI) Trading Volume Surpasses $2.7 Billion… What's Behind the 20% Surge in 24 Hours?

▲ Sui (SUI) Network/Source: X ©

Sui (SUI) is attracting market funds by recording a stronger increase rate, 40 times that of Bitcoin. With a dramatic increase in trading volume, it appears to be emerging as a new center of the altcoin market.

According to the cryptocurrency market data aggregator CoinMarketCap on May 11 (local time), Sui was trading at $1.31, surging 20.04% over 24 hours. During the same period, Bitcoin (BTC)'s increase rate was only around 0.5%. The media analyzed that Sui is showing independent strength, separate from the market leader's trend, generating alpha returns.

Notably, a sharp increase in trading volume supported the uptrend. Sui's 24-hour trading volume exploded by 245% to $2.72 billion. The media explained that although no clear individual positive news was confirmed, a typical 'alpha market' trend is appearing where strong buying interest is concentrated on a specific coin. It is evaluated that Sui's own narrative and capital inflow, rather than simple market following, are driving up the price.

The overall altcoin rotation sentiment in the market also worked favorably for Sui. CoinMarketCap's Altcoin Season Index rose 25.64% over the past week to 49. This is interpreted as a sign that investor sentiment is shifting from Bitcoin-centric to high-risk, high-return altcoins. The media reported that if this index surpasses 50, expectations for a full-fledged 'altcoin season' could grow even further.

In the short term, the $1.25 to $1.20 range is considered a key support level. It was analyzed that if Sui settles above this range, an attempt to re-break the recent high of $1.35 would be possible. Conversely, if it falls below $1.20, the upward momentum could weaken, opening up the possibility of a correction towards the $1.10 mark.

The media evaluated Sui's current upward trend as a typical bullish phase combining strong trading volume and altcoin rotation. However, as the possibility of profit-taking sales due to the short-term surge has also increased, the maintenance of trading volume and the defense of the $1.25 support level were identified as key variables determining future trends.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*