The Layer-1 blockchain token SUI is hogging up the spotlight after surging by more tha 40% within just one week and emerging as a clear outperformer.
Legendary commodity trader Peter Brandt, who boasts more than 40 years of experience in this sector, recently weighed in on the massive rally. He believes that the red-hot token has already found a “major” bottom.
“This is a major bottom. Price will trend substantially higher from current levels,” Brandt said in an X statement accompanying his bullish price chart.
In the meantime, heavyweights like Ethereum (ETH), Solana (SOL), and XRP are all currently stuck trading within their multi-month consolidation structures. SUI is the clear outlier here.
Are bulls finally out of the woods?
SUI peaked at $5.00 in early 2025 and then spent the better part of a year trapped in a rather grueling downtrend.
By late 2025 and early 2026, the price had completely capitulated. The token just kept grinding along a painful bottom well below the $1.00 mark, and it was hardly on anyone’s radar since it just kept languishing together with other altcoins.
However, the massive green weekly candle that SUI has just printed is on track to be a game-changer. The token has surged above the 10-period Simple Moving Average (SMA), which is currently sitting at $0.95.
Closing the week near the $1.35 range is rather crucial for the token. However, it might not be safe to say that the downtrend is pretty much over, considering that the bulls will have to find a footing above this level.
The token is still down as much as 75% from its all-time high of $5.35 that was achieved roughly a year ago, CoinGecko data shows.
An enormous token stake
Recently, Nasdaq-listed Sui Group Holdings (SUIG) announced it was staking “substantially all” of its corporate holdings.
The firm locked up an immense 108.7 million SUI tokens. This has removed an enormous chunk of liquid supply from the open market.
On top of that, Nigeria-based fintech firm Paga announced a partnership with the Sui blockchain to launch tokenized assets.
Last year, the ecosystem faced a very harsh predicament after Cetus Protocol, the largest decentralized exchange (DEX) on the Sui blockchain, suffered a devastating hack. As a result of the incident, roughly $223 million was drained from its liquidity pools.
