As a seasoned researcher with years of experience in the crypto market, I find myself intrigued by the recent surge in SUI’s price and transaction volume. The 12% gain in just 24 hours is a clear sign that the altcoin is making a strong comeback, eyeing a breakout past $2.0.
After finding support at $1.60, SUI price has experienced a significant surge of over 12%, potentially aiming to break past $2.0. Moreover, the daily transaction volume on the blockchain rival to Solana, Layer-1 blockchain Sui, has skyrocketed by an impressive 115%. This suggests that SUI may be poised for a substantial breakout above $2 in the near future.
An increase in transactions suggests a substantial surge in blockchain activities and a growing interest in the SUI token. Additionally, the upward trend in the SUI price is fueled by the expansion of the meme coin market as well.
As a researcher observing the Sui network, I’ve noticed an impressive surge in value for two of its meme coins – Sudeng (HIPPO) and aaa cat (AAA). Over the past week, HIPPO has skyrocketed by an astounding 165%, while AAA has taken it a step further with a jaw-dropping increase of 370%. These significant gains have certainly caught my attention.
It appears that the rise in daily transactions suggests Sui could become a significant rival to Solana down the line. As this trend continues, it’s worth noting that Sui’s Open Interest (OI) has also risen, now at approximately $827.69 million and nearing its highest point for the year. An uptick in OI indicates a growing market liquidity, while a decrease might mean traders are closing their positions and withdrawing funds.
As the popularity of OI increases and the value of SUI continues to climb, the token’s worth could potentially rise even further with an influx of additional market liquidity. Consequently, it may become easier for bulls to surpass the $2 resistance level this time around.
Courtesy: Santiment
SUI Price to Rally 20% from Here?
At the moment of publication, the price for SUI is rising by 11%, currently at $1.94. Its market capitalization stands at a staggering $5.3 billion. One significant factor influencing this prediction is the Exponential Moving Average (EMA), which places emphasis on recent price fluctuations to anticipate future tendencies.
Generally speaking, when the price is lower than the Exponential Moving Average (EMA), it signals a bearish market direction. Conversely, if the price is higher than the EMA, it points towards a bullish trend. At present, SUI’s price can be found above not just the 20 EMA (represented by blue) but also the 50 EMA (yellow). This suggests that the market for SUI could be experiencing a bullish trend.
Courtesy: TradingView
If the Swipe Utility Token (SUI) maintains its current Exponential Moving Average (EMA) positions, it may exceed its previous peak of $2.18, potentially rising an additional 20% to reach around $2.30. Yet, if substantial selling occurs at $2, the SUI price could retreat back to $1.66 due to intense selling pressure, repeating a trend we’ve seen before.
The decentralized blockchain network, Sui, is currently receiving widespread acclaim from seasoned professionals within the industry. Notably, Charles Hoskinson, one of the co-founders of Cardano, expressed his admiration for the Sui network in a recent post on blockchain technology over the weekend.
On the platform X, the creator of Cardano shared an opinion that the Sui network embodies what Solana potentially could have achieved. In essence, he implied that Sui might be a more advanced choice compared to the dominant layer-1 blockchain. This sentiment was expressed after he acknowledged the impressive work of George Danezis, one of the founding members of Sui. He ended by expressing his hopes for their prosperity in this field.
Read More
Sorry. No data so far.
2024-10-07 17:40