On April 7, the $SUI price witnessed a sharp jump of around 12% on a daily chart following a bullish momentum in the cryptocurrency market.
Following the announcement of the ceasefire in the ongoing war between the U.S. and Iran, the cryptocurrency market has experienced a positive momentum, with soaring values of major cryptocurrencies like Bitcoin ($BTC) and Ethereum (ETH).
According to CoinMarketCap, Sui has recorded a strong price increase of 9.57% in the last 24 hours, helping its value to soar to around $0.9543 along with a market capitalization of $3.77 billion. This daily trading volume has also increased by 28% and currently revolves around $487.61 million.
CME Futures Announcements and Ceasefire Signal in Middle East War
One of the major reasons behind this surge is directly connected to institutional validation.
CME Group announced plans to launch $SUI futures contracts on May 4, which are subject to regulatory review, including both standard and micro sizes designed for the flexibility of traders. This development will help the cryptocurrency open the door for regulated institutional access to its network. This will provide strong confidence from traditional finance players.
Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, stated in the press release, “Our new micro- and larger-sized Avalanche and Sui futures will provide clients with greater choice, enhanced flexibility and more capital efficiencies across our deeply liquid, regulated Crypto derivatives complex. We continue to see strong volumes as market participants turn to our markets to manage risk and pursue opportunities, with March average daily volume up 19% year-over-year and nearly $8 billion in average notional value traded daily.”
In another major development, U.S. President Donald Trump stated that the United States could agree to the suspension of planned bombing and military strikes on Iran if Iran immediately opens the Strait of Hormuz. This de-escalation news in the U.S-Iran war has provided relief to investors.
These bullish developments have sparked euphoria in the crypto market, helping $SUI tokens to soar, thanks to reduced uncertainty.
Technical Indicators Confirm Bullish Setup With Momentum Building
As the overall crypto market is filled with excitement, technical indicators are suggesting further upward momentum in the $SUI. The Relative Strength Index on the daily chart is revolving around 81.73, which shows strong buying pressure and is currently in an extreme overbought zone.
(Source: TradingView)
The Moving Average Convergence Divergence is clearly showing a buy signal as the line follows the upward trajectory.
Apart from this, many major averages, including the 50-day and 200-day simple moving averages, are currently sitting below the current price, which confirms the uptrend.
The price movement comes after the Bitcoin ($BTC) price soared above $72,000 with an over 4% spike in the last 24 hours.
Apart from this, there are many major developments taking place in the $SUI ecosystem. The network recently completed major upgrades, including Mysticeti V2 for sub-second finality and Walrus for decentralized storage, which enhance scalability for institutional applications.
Bluefin launched a new portfolio dashboard on Sui, which is expected to simplify decentralized finance trading. Similarly, the NAVI Protocol recently rolled out advanced leverage features. Also, the team revealed integrations with Erebor Bank for regulated on-ramps and a global partnership with ONE Championship.