SUI Surges 40%: Analytics Firm Explains What’s Driving The Rally

Sui has witnessed a significant rally over the past week and has outperformed other digital assets. Here’s what’s behind the surge, according to Santiment.

Sui Rallied To A Peak Of $1.41 On Sunday

The cryptocurrency sector as a whole has seen some recovery over the last week, but a few assets have clearly stood out in terms of the returns that they have witnessed. Among these is Sui, which is up nearly 40% inside the window.

The below chart shows how the altcoin’s recent trajectory has looked.

The price of the coin seems to have shot up in recent days | Source: SUIUSDT on TradingView

As is visible in the graph, SUI shot up to a peak of $1.41 on Sunday. Compared to the $0.90 baseline before this rally, the run resulted in an increase of more than 56%. Though, the asset hasn’t been able to retain all of these profits, as its price has retraced back to the $1.28 mark. Nonetheless, its weekly jump of close to 40% is still among the best returns in the market.

Following the surge, Sui ranks as the 21st largest token in the sector in terms of market cap.

The market caps of the digital assets ranked 19th to 23rd | Source: CoinMarketCap

From the table, it’s visible that with a market cap of over $5.1 billion, Sui ranks ahead of Litecoin (LTC), which has a total valuation of about $4.5 billion. The altcoin still falls short of the stablecoin Dai (DAI), but only by around $230 million.

Now, what’s behind the sharp rally experienced by the cryptocurrency? On-chain analytics firm Santiment has provided some insight.