SUI spikes 11% as BTC, ETH slide: Here’s why Sui price is surging?

• Sui price rose more than 11% as Bitcoin and Ethereum declined below key levels.
• SUI gains after ByteDance subsidiary BytePlus chose to enter Web3 via the Sui blockchain.

Sui (SUI) traded higher today despite a broader crypto market downturn that saw Bitcoin dip below $61k and Ethereum fall below $3,000.

While Sui price remains below the recent peak above $2.17, its surge to $1.27 in the past 24 hours represents gains of more than 11% and better than most altcoins in the top 100 by market cap.

Why is SUI price up as altcoins dip?

On April 17, the Sui team announced that BytePlus, a subsidiary of the technology firm ByteDance, had joined the crypto network as it makes its Web3 debut.

🚨BREAKING: BytePlus, the enterprise technology arm of ByteDance (the company behind @TikTok_US), is coming to Sui! pic.twitter.com/GtutYyFI5X

— Sui (@SuiNetwork) April 17, 2024

BytePlus is expected to collaborate with Mysten Labs to bring its gaming and social apps to the layer 1 blockchain.

This means Sui developers can now access and tap into BytePlus services across content distribution, personalisation and user engagement solutions.

For instance, BytePlus Recommend is a service that will help developers create and deploy personalized apps, while builders can leverage BytePlus Effects’ 80,000 “ready-to-use stickers and effects for video apps.”

BytePlus and Sui’s partnership could unlock a new Web3 adoption curve on Sui.

Sui price outlook

As noted, SUI soared today as most cryptocurrencies mirrored Bitcoin’s struggles. When the benchmark cryptocurrency fell below $62k on Wednesday afternoon, Sui’s price went the opposite direction.

While recent token unlocks may have contributed to the sell-off pressure, SUI is likely to have benefitted from the major news development today.

Sui has soared on positive news recently, with the token rising more than 16% after Mysten Labs announced the release of Pilotfish. The token’s value also rose after the stablecoin First Digital USD (FDUSD) expanded to Sui, only the third blockchain network to have native support for the new stablecoin. The others are Ethereum and BNB Chain.

With Sui price above $1.27, its likely bulls could push above $1.30 and target the immediate resistance near $1.50. The upside includes the March 27 highs above $2.17, which is the current all-time high for SUI.

On the downside, Sui price may rely on support at $1.00 and potentially $0.79.