Sui price rose to a new all-time high as the layer 1 blockchain for digital asset ownership continued its recent resurgence.

Amid a broader market upside, Sui (SUI) climbed to a new ATH of $5.35.

However, while the L1 token has surged more than 20% in the past week, it has pared some of the notable gains recorded on Jan. 6. These declines have occurred over the past 24 hours.

The crypto.news price dashboard shows SUI price is flat on the day at around $5.21, with daily trading volume down by about 3.2% to just over $1.4 billion.

The gains come after Sui ended 2024 on a high note following overall growth across the decentralized finance space.

Sui ranks among the top 100 cryptocurrencies by market cap and has been one of the best-performing altcoins over the past year.

Milestones such as the blockchain platform’s launch of DeepBook V3 and Sui Bridge, along with increased interest from institutional investors, contributed to the major price moves. Notably, Grayscale includes SUI as one of the 30 digital assets in its crypto product suite. The token’s value jumped amid Grayscale’s launch of Sui Trust and openining it to accredited investors.

Also, after ending the year with a total value locked of $1.75 billion, the project has seen the TVL explode to over $2.6 billion in the first week of 2025. Interestingly, the Sui TVL stood at just $242 million in January 2024. As noted above, the bullish sentiment around SUI has also solidified amid a resurgence for DeFi.

DeFi tokens in general spiked amid the bullish sentiment following Donald Trump’s resounding victory in the U.S. presidential election.

The incoming president’s pro-crypto stance, his pick of crypto-friendly individuals to head key market regulatory entities catalysed the uptrend. Gary Gensler’s departure from the U.S. Securities and Exchange Commission as its chair has also see DeFi explode.