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SUI has been on a tear, jumping 17% in the last 24 hours and becoming the top performer among the top 20 cryptocurrencies by market cap. The token is now trading around $1.90, sitting near a two-month high after this sharp move.
$SUI is turning out to be a great deal. 👀✔️ https://t.co/hvv6n1lu9d pic.twitter.com/yylhKDE7ST
— Lucky (@LLuciano_BTC) January 6, 2026
The rally comes after a new research paper from Mysten Labs that examines the privacy features of blockchains. The paper places Sui in the same account-based category as Ethereum and Solana. It explores how these systems could support things like confidential balances, limited anonymity sets, and sender-receiver unlinkability using tools such as zero-knowledge proofs and homomorphic encryption.
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At the same time, on-chain and derivatives data are showing signs of renewed interest. Santiment data shows Sui’s trading volume hit $967.43M on Tuesday, the highest level since early December. That spike suggests traders are coming back after the weak performance SUI saw last month.
DeFi data is also improving. According to DeFiLlama, Sui’s total value locked has been climbing steadily since late December, reaching about $1.04B on Tuesday, which adds more weight to the recent bullish momentum.
SUI Crypto Price Breaking $2 Could Mean Something Bigger
SUI open interest across exchanges jumped to $958.26M on January 7, up from about $685M just a day earlier. That is the highest level seen since October 10.
This kind of spike usually means fresh money is flowing into the market. Analysts often see rising futures exposure like this as a sign that buying interest is picking up.
On top of that, big players are starting to move. Asset managers such as Bitwise are pushing forward with plans for a spot SUI ETF. In mid-December, Bitwise filed an S-1 with the U.S. Securities and Exchange Commission to launch an ETF that would track the SUI token.
(Source: SUIUSD / TradingView)
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Technical wise is confirming the bullish shift too. This SUI USD daily chart shows a clean breakout from a long descending wedge, which is a bullish structure shift after months of lower highs.
Price reclaimed the trendline with strong momentum, suggesting sellers are losing control and dips are getting bought quickly. As long as SUI crypto holds above the breakout area, continuation toward the $2.70 level looks realistic, with $3.00 acting as the next major resistance if momentum stays strong.
A pullback into the breakout zone would still be healthy, but losing it would put the move into question.
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