Three reasons SUI could target $7.66 by 2025  

Sui, the native token of the Sui blockchain, has shown significant growth in recent months, claiming to have reached a new price peak during the market’s latest broad recovery.

Notably, Sui (SUI) recently hit an all-time high of $4.91 and is up 38% in December alone. This builds on an impressive 76% rise in November and signals strong bullish momentum.

Source: crypto.news

As SUI continues to climb, Fibonacci retracement levels suggest it could target $7.66, a target likely to be realized if the broader bull market continues into 2025. Several key factors are driving this optimism.

First, SUI’s recent rally confirms that market confidence has increased. After reaching $4.91, the token experienced minor pullbacks but maintained critical support levels.

This resilience indicates strong buying momentum, even though the Relative Strength Index indicates overbought conditions. If SUI regains its ATH and breaks the psychological $5 barrier, it may enter the price discovery phase.

Fibonacci retracement levels position $6.12 as the next target, with a possible rise to $6.75 and eventually $7.66. These represent realistic milestones for the asset if the momentum continues.

Secondly, the recent integration with Backpack, a crypto exchange and wallet platform, is an important catalyst for Sui’s growth and could spur further upside.

Backpack’s decision to adopt Sui’s high-performance blockchain creates significant opportunities for both platforms. With a user base spanning 150 countries and a transaction volume of $60 billion in its first year, Backpack provides serious reliability.

For Sui, the partnership enhances its ecosystem by simplifying asset management and trading. Backpack users will get seamless access to Sui’s network. This comes less than a week after Phantom announced it would integrate Sui.

Interestingly, this development also includes Backpack’s wallet that supports multiple chains such as Solana and Ethereum. The collaboration has already contributed to the SUI price increase.

Third, Sui’s total value locked recently reached an all-time high of $1.835 billion, increasing 17% in a single day, according to DeFiLlama’s data. This increase represents an additional $273 million in TVL, largely driven by decentralized finance protocols.

Suilend Protocol alone accounted for $583.61 million, up 27% on the day, while NAVI Protocol followed with $553.8 million, up 20.79%.

The ecosystem also witnessed a record $466.65 million in daily decentralized exchange volume, indicating increased user activity. Higher TVL and transaction volumes indicate increased trust in the network, attracting more participants and increasing the utility of SUI.

These bullish metrics have the capacity to drive more demand into the Sui ecosystem and potentially contribute to further price increases as 2025 approaches. Sui also partnered with Franklin Templeton last month.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.

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