Sui resumed its strong uptrend, soaring by almost 20%. At last check Saturday, its price hovered at around $5.13.

Sui (SUI), a popular layer-2 network, has been one of the best-performing cryptocurrencies, soaring by over 1,312% from its lowest level in 2023.

This performance has brought its market cap to over $15 billion, making it the 13th biggest cryptocurrency in the industry. 

Sui’s surge coincided with the continued ecosystem growth as the total value locked in its Decentralized Finance ecosystem soared to a record high of $1.96 billion.

The biggest players in its DeFi ecosystem are Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance. 

Sui partnerships

Sui also grew after securing major partnerships with top companies like VanEck, Grayscale, and Franklin Templeton. For example, Grayscale launched the Sui Trust, which has accumulated over $14 million in assets. If the Securities and Exchange Commission changes its view on crypto ETFs under Paul Atkins, that could signal that the firm will apply for a spot Sui ETF in 2025. 

Sui has also had more successes that have propelled it to a record high. It has incorporated four stablecoins like USD Coin, AUSD, FDUSD, and USDY, which have a combined market cap of over $406 million. 

It also launched Deepbook V3, its native onchain order book, whose trading volume jumped to over $1 billion. Its DEEP token has gained a market value of over $375 million.

Meanwhile, Sui’s DEX ecosystem is booming, handling over $46 billion in volume since its inception. 

More data shows that Sui’s futures open interest soared to a record high of $963 million. This is a notable increase from this week’s low of $650 million and a sign that SUI’s token is gaining traction among investors.

Sui price forecast

The daily chart shows that the SUI token has been bullish this year, rising for four straight days and flipping the resistance at $5 into resistance. By doing that, the coin invalidated the risky double-top pattern whose neckline was at $4. A double-top is a popular reversal sign in the market. 

The price of Sui has been supported by the 50-day moving average, which it has failed to move below since September last year. It is also a cheap coin, as the Z-score of the Market Value to Realized Value has fallen to 2.7. A cryptocurrency is said to be highly expensive when it has a Z score of 3.8.

Therefore, technicals suggest that the SUI price will rise to the extreme overshoot of the Murrey Math Lines at $5.50. A move above that level will raise the odds of it moving to the next crucial level at $10.

The Binance Coin price held steady above $700, as a unique chart pattern pointed to more gains, potentially to $1,155 in the near term.

Binance Coin (BNB) was trading at $707 on Jan. 1, a few points below the December high of $794 and 200% above its 2024 low.

The BNB coin faces three key catalysts that could push it much higher in the first quarter of this year. 

First, the network has continued to burn its tokens, a move that is expected to reduce its outstanding coins to 100 million from 144 million over time. According to BNB Burn, the network is expected to conclude a 1.63 million token burn worth $1.01 billion soon. It will then burn another 1.5 million BNB coins worth $1.089 billion in the first quarter.

On top of these quarterly autoburns, the network burns more tokens each day from the gas fees generated. This approach has incinerated 246,950 coins with over $175 million since its inception a few years ago. 

These burns will create more value for BNB price over time by making its tokens rarer and increasing the sums staking investors get. Binance Coin’s staking yield has dropped from 12% in November to 2.3% as the staking ratio rose slightly to 20.32%.

Second, the Binance Smart Chain ecosystem is doing relatively well even as competition in the industry rose. It has over 905,640 active addresses, a total value locked of over $5.5 billion and stablecoins worth $6.86 billion. 

BNB Chain’s DEX protocols have continued doing well. The volume handled by its protocols rose by 10% in the last seven days to over $13.42 billion. That has brought the total volume since inception to $1.16 trillion, making it the second-biggest player after Ethereum (ETH), which has handled over $3.4 trillion.

BNB price strong technicals

Third, Binance Coin has some strong technicals that may push it much higher in the longer term. The weekly chart shows that the BNB price has been slowly forming a cup and handle chart pattern, a popular sign of continuation. 

The cup section formed between 2021 and June 2024, while the handle area formed between June and November. We find the depth of the cup is about 74%. By measuring the same distance from the cup’s upper side, the BNB price target is $1,155, which is about 63% above the current level.

Cardano’s price has remained sideways this month, but a rare chart pattern indicates a potential comeback in the coming weeks.

Cardano (ADA), the popular layer-1 cryptocurrency, is trading at $1.06, down nearly 20% from its highest level this year.

The pullback followed a rally that pushed the coin to a multi-year high of $1.327 in November during the crypto bull run. This decline mirrors the performance of other cryptocurrencies, like Avalanche (AVAX) and Binance Coin (BNB), which have also retreated from their year-to-date highs.

Cardano’s drop coincided with a decline in the total value locked (TVL) within its decentralized finance ecosystem. According to DeFi Llama, Cardano protocols now hold over $597 million in total assets, down from last month’s high of nearly $700 million. The largest protocols in its ecosystem include Liqwid, Minswap, Indigo, and Splash Protocol.

Whale activity for Cardano has also slowed, and the number of active addresses over the past 24 hours is below 43,000. Meanwhile, open interest in the futures market has continued to decline.

However, several catalysts may push Cardano’s price higher in the short term. For instance, rising crypto demand—highlighted by Bitcoin’s surge past $106,000—could support ADA. Additionally, Cardano may benefit from a potential spot ADA ETF listing as early as 2025.

In the near term, the coin could also experience a boost from the “Santa Claus rally,” a phenomenon where asset prices tend to rise ahead of Christmas Day.

Cardano price has formed a rare chart pattern

The daily chart shows that the ADA price staged a strong comeback in November after Donald Trump won the election. It has since slowly formed a bullish pennant chart pattern, consisting of a long vertical line and a symmetrical triangle. This pattern is nearing its confluence point, suggesting that a bullish breakout could occur.

Cardano has also formed a golden cross pattern, where the 50-day and 200-day Exponential Moving Averages have made a bullish crossover.

As a result, Cardano is likely to see a strong bullish breakout in the coming days. If this happens, the coin could rise to $1.325, its highest point this year, representing a 23% increase from its current level. A drop below the support at $1.00, however, would invalidate the bullish outlook.