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 SundayThe 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.
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.
Now, what’s behind the sharp rally experienced by the cryptocurrency? On-chain analytics firm Santiment has provided some insight.
SUI’s Run Has Come Without A Social Dominance SpikeSantiment added that there were also two other catalysts, noting “CME Group SUI futures launching May 29 (only the fifth L1 with regulated derivatives access), and Paga partnership for cross-border African payments.”
As displayed in the above chart, the Sui Social Dominance spiked to 0.38% before the rally, but interestingly, it remained at just 0.14% during the surge. This means that despite the impressive rally, the asset didn’t catch the attention of the masses. “The conversation isn’t outrunning the price,” said Santiment. “Institutional supply locks driving a rally look different on-chain than retail FOMO.”
