SUI, the native token of the Sui Network, a layer-1 blockchain known for its secure and scalable platform, has seen a massive price surge in the past few weeks, outperforming major cryptocurrencies like Near Protocol’s NEAR token.
According to the data from CoinMarketCap, SUI has jumped by 112.11% in the last 30 days. In the past 24 hours, it rose by 0.5% to $2.25. The cryptocurrency’s trading volume increased by 1.78% to $1.19 billion, and its market cap is now at a whopping $6.18 billion.
SUI has also surged by 17% in the past seven days, and there’s a good chance it could climb even higher given its strong performance and growing adoption. SUI is currently only 4.55% away from its all-time high of $2.36, which it reached on October 14, 2024.
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The Relative Strength Index for SUI reads a value of 69.5 which means that the bulls are overall in charge of the altcoin’s price action and the demand for the cryptocurrency is extremely high. The price surge might continue in the short term.
NEAR Lags Behind
NEAR, on the other hand, has only risen by 13.62% in the past 30 days. It also has a much lower trading volume of $241 million and a market cap of $5.8 billion. At the time of writing, NEAR is down 8.35% in the past week and is priced at $4.78, a significant 76.31% drop from its all-time high of $20.42 in January 2022.
The Relative Strength Index for NEAR reads a value of 50.27 which means that the bears and the bulls are almost evenly matched and the chances of a breakout to either side might be possible depending upon the volume of sales and buys along with the broader market trend and Bitcoin’s price trajectory.
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