Sui (SUI) Surges Over 38% in January as Analysts Weigh Further Upside Potential

Sui (SUI) has entered the new year with renewed momentum, climbing more than 38% since the start of January. The rally has pushed the altcoin to its highest level in nearly two months.

On-chain data points to sustainable network activity and overall ecosystem recovery, reinforcing the positive outlook. Amid this, several analysts expect SUI to extend its gains.

SUI Becomes Crypto Market’s Top Gainer Today

BeInCrypto Markets data showed that SUI has continued to close in green for five consecutive days, marking its longest streak since April. In early Asian trading hours today, the altcoin surged to $1.99. This level was last seen in mid-November.

In the past 24 hours alone, SUI’s value has jumped by 14.2%. At the time of writing, it was trading at $1.94.

Sui (SUI) Price Performance. Source: BeInCrypto Markets

This double-digit increase has earned SUI the first spot among the top 100 daily gainers on CoinGecko. Furthermore, trading activity remains strong, with the daily volume rising over 91% to reach $1.7 billion.

The strength has not been limited to SUI alone. Tokens in the Sui ecosystem have also seen notable gains, in line with the rally seen across the broader market.

Crypto analyst Kyle Chassé noted that this rally is particularly noteworthy given the timing of a significant token release. On January 1, 43.69 million SUI tokens entered circulation through the project’s monthly vesting schedule, representing an estimated value of $65.10 million.

Token unlocks increase circulating supply and can typically place downward pressure on prices. However, SUI continued to trade higher during this period, indicating that the market absorbed the additional supply.

In addition, Chassé pointed out that network activity has remained strong after the Mysticeti v2 upgrade, maintaining 866 transactions per second. The analyst also referenced spot SUI ETF filings as signs of growing institutional interest in the asset.

“With Bitwise and Canary Capital filing for Spot SUI ETFs, the ‘institutional major’ flip is happening in real-time. Closer: Sui isn’t just a Solana killer; it’s a full-stack execution engine with protocol-level privacy coming in Q1. The Suinami is now a tidal wave,” the analyst wrote.

Analysts See Further Upside for SUI

Meanwhile, many market observers predict that SUI could rise higher. An analyst observed that SUI rebounded from a triple-bottom formation, a technical setup that typically signals strong support.

The token has also reclaimed the $1.75 level, reinforcing bullish sentiment. Another trader, CryptoBullet, forecasted that SUI could continue its upward move, citing price targets between $2.8 and $3.5.

Analyst Moon Jeff suggested that if the market turns favorable for altcoins, SUI’s market cap could approach $30 billion, representing a more than 300% increase from its current value of $7.3 billion.

“SUI is an underrated L1. I won’t be surprised if it runs maybe to a 30 billion market cap in a good altseason,” the post read.

However, such projections depend heavily on broader market conditions, sustained network growth, and investor risk appetite. As with all rapid price increases, volatility remains a key factor to watch.