SUI Token Surges 7.28% Amid Ethena’s suiUSDe Launch and Pre-Chinese New Year Volatility

SUIUSDT experienced a 7.28% price increase in the past 24 hours, rising from 0.9659 to 1.0362, with trading volumes reflecting heightened market activity. The recent price surge can be attributed to mixed market sentiment following double-digit percentage losses last week, technical analyses spotlighting support at key Fibonacci levels, and renewed interest stemming from Ethena’s launch of the suiUSDe synthetic dollar on the Sui network. Derivatives outflows and spot market inflows, along with anticipation of the upcoming Chinese New Year and potential liquidity impacts, have contributed to increased volatility. SUI is currently trading near $1.0362, with a circulating supply of 3.85 billion tokens and market capitalization close to $3.97 billion, ranking among the top 30 cryptocurrencies.