As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I find myself intrigued by the rapid ascension of Sui Network. Having witnessed the rise and fall of numerous projects, my interest is piqued when I see a layer one blockchain making significant strides in the DeFi space.
The SUI network, a cutting-edge blockchain technology developed using the Move programming language, has risen as a leading web3 ecosystem in recent times. While Ethereum dominates the decentralized financial (DeFi) sector, it has faced challenges from other layer one chains that offer superior throughput, robust security, and are particularly cost-effective for mainstream users.
Currently, the Sui network has surpassed $1 billion in total value secured (TVS) and boasts a stablecoins market capitalization of over $331 million. Some of the top-performing DeFi platforms on the Sui network include NAVI protocol, SuiLend, Cetus Automated Market Maker, and Scallop Lend, to name just a few.
Sui Price Ready for Parabolic Rally
In the wake of Sui network’s recent substantial expansion, the price of SUI has experienced a significant boost due to a positive market outlook. This mid-tier cryptocurrency, boasting a market capitalization roughly equating to $5.5 billion and a fully diluted valuation approximating $20 billion, has registered an impressive increase in its daily average traded volume, currently standing at around $1 billion.
Looking at technical analysis, the price of SUI recently tested its March 2024 peak, which was approximately $2.09. Notably, earlier this month, SUI reached a brand-new record high (personal best), around $2.34.
Based on the analysis of well-known crypto expert Satoshiflipper, the price of SUI is currently testing the bottom of a developing wedge pattern. This could potentially trigger a significant upward trend or bull market in the short term.
$SUI/usdt 4 hour
As a seasoned trader with over a decade of experience under my belt, I’ve learned to trust certain market patterns and today, I’m feeling quite bullish about $SUI. I opened a long position this morning, drawn in by its bounce-off from broadening wedge support. In my experience, this is often a sign that the top of the range is imminent, especially if we can expect some cooperation from $BTC. My fingers are crossed and I’m keeping a close eye on both these assets as the day unfolds.
LFG 🚀🚀
— Satoshi Flipper (@SatoshiFlipper) October 24, 2024
On the other hand, the optimistic outlook for Sui strongly relies on the factors influencing Bitcoin in the immediate future. Additionally, it’s worth noting that the alternative coin market has demonstrated a strong relationship with Bitcoin over the past period.
In simple terms, the upcoming U.S. elections in 2024 and the Federal Reserve’s interest rate decision in early November could significantly affect the cryptocurrency market over the following weeks. Of particular note, certain analysts on Wall Street have warned investors about a possible sell-off after the election, while others predict a significant bullish surge.
The persistent upward trend in precious metals, particularly gold, fuels optimism for a subsequent bullish surge across the entire cryptocurrency market spearheaded by Bitcoin.
Future Plans
According to a recent report by Coinspeaker, the global Web3 developer community is being geared up by the Sui network via its SuiHub. This week, SuiHub, partnered with Ghaf Group, unveiled its inaugural location within Expo City Dubai.
SuiHub Dubai was officially introduced in the presence of Sheikh Al Mualla bin Ahmed Al Mualla, leaders from Expo City Dubai, as well as distinguished members of the wider Dubai community.
The Sui group aims to offer technological assistance and financial resources for Web3 start-ups, empowering them to construct projects on the Sui blockchain.
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2024-10-24 18:03