SUI Price Rises 12% as VanEck Launches SUI-backed Financial Product

Highlights:

• SUI price soars 12% to trade at $3.41 as trading volume spikes. 
• VanEck has launched SUI-based ETN, a new SUI-backed financial product, across 15 countries, expanding its crypto offerings.
• The launch follows a significant increase in Sui’s TVL and DeFi volume, highlighting the blockchain’s growth.

The SUI price is winning on the charts today as it continues with its bullish rally. SUI has gone ballistic by 12% today, trading at $3.41 at press time. Its daily trading volume has notably soared 22% to $3.21 billion, suggesting heightened market activity. Its market cap accompanies the upward price movement as it has soared 12% to $9.68 billion, igniting interest in the crypto market. SUI is now up 50% in a week, 51% in a month, and a whopping 447% in a year. 

Meanwhile, VanEck just launched SUI-based ETN, a new SUI-backed financial product, across 15 countries, expanding its crypto offerings. This product allows millions of users to jump on the SUI train without all the usual wallet-wrangling. Instead of dealing with keys and wallets, users just buy into the product, and VanEck holds the actual SUI tokens in a cozy, regulated custodian setup on your behalf.

🚨BREAKING 🚨: Investment firm @Vaneck_eu has launched a new product representing SUI!
Leveraging Sui's trustworthy and battle-tested infrastructure, VanEck is bridging the gap between blockchain and traditional finance, offering millions of investors secure access to SUI.… pic.twitter.com/WWjMBT8dcs

— Sui (@SuiNetwork) November 13, 2024

The launch follows a significant increase in Sui’s TVL and DeFi volume, highlighting the blockchain’s growth.

Sui Statistical Data

Based on CoinmarketCap data:

• SUI price now – $3.41
• Trading volume (24h) – $3.21 billion
• Market cap – $9.68 billion
• Total supply – 10 billion
• Circulating supply – 2.85 billion
• SUI ranking – #14

The SU price is continuing its bull run, having soared past the $3.39 level. It trades well within the confines of a rising channel as the bulls have entirely dispersed their seller counterparts. At press time, the bulls had printed green candlesticks, as the market boasts a bullish outlook. The upward trajectory is evident, with the bulls showing no signs of stopping anytime soon, aiming for higher levels. 

SUI Bulls Aim for a New ATH

To start with, the Golden Cross in the market cements the bullish outlook, signaling a long-term bullish thesis. A golden cross occurs when a short-term moving average crosses above a long-term moving average. 

Moreover, the bulls have flipped the 50-day MA at $2.74 and the 200-day MA at $2.18 into immediate support levels, steadying the upward trend. This enables the bulls to rally as the token is currently in a resistance-free zone. 

Moreover, the RSI has hurtled from the 50-mean level, currently sitting at $66.34, tilting the odds toward the buyers. Increased buying appetite might cause the RSI to jump to the 70-overbought zone, reinforcing the bullish sentiment in the market. 

Additionally, the Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture with a buy signal. This calls for traders to consider buying SUI manifested with the MACD line in blue, crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.

How High Can SUI Price Go?

The SUI bulls have put their best foot forward, leaving their seller counterparts with nothing but dust. A zoomed outlook from the 4-hour chart shows increased buying appetite, which will see the price rally further.

If the support zones at $2.18 and $2.74 stay intact, the SUI price could surge parabolically, hitting the $6 mark in the short term. Conversely, if the bears step into the market and early profit bookings commence, the $2.74 support level will be in line to absorb the potential selling pressure.