As a seasoned researcher with over two decades of experience in the ever-evolving world of blockchain and cryptocurrencies, I find myself intrigued by the meteoric rise of Sui Network (SUI). Amidst a market landscape that resembles a roller coaster more than a steady incline, SUI’s Total Value Locked (TVL) surpassing $600 million is nothing short of impressive.
In the midst of a broad market slump, the Sui Network (SUI), a notable layer 1 blockchain, is experiencing significant growth in popularity
The rising curiosity around it is evident in its Total Value Locked (TVL), which has just crossed over $600 million, suggesting that the network’s influence is on the upswing
Price Action and Market Signals
Sui’s rising Total Value Locked (TVL) significantly influences its market performance. The SUI/USDT trading pair has just broken through a negative trend line on the hourly chart, hinting at a possible change in direction. This breakthrough indicates the start of an upward trend, with the price attempting to breach resistance levels. Experts suggest that if this breakout is confirmed, it could lead to continuous growth
The volume oscillator and significant price shifts in 4-hour intervals support a positive perspective, implying that the trend might continue moving upwards. For traders, the $0.80 mark serves as an advantageous entry point, with forecasts indicating potential growth towards $1, offering a promising return on investment. Nevertheless, if the price falls below $0.74, traders may need to reconsider their tactics, as this could potentially undermine the bullish prediction
Credit: TradingView
Market Sentiment and Key Levels
Open interest data indicates important market areas where traders have shown varying levels of focus across different price points. Interest is less in the $0.825 to $0.832 and $0.891 to $0.898 price ranges, whereas the $0.84 to $0.847 range has drawn considerable attention. The $1 mark continues to serve as a significant psychological hurdle
In summary, the funding rates have turned positive, suggesting that long-term investors are compensating short-term traders for their positions. This could mean that the market believes SUI‘s prices will keep rising or at least stay steady in its perpetual futures market. This optimistic trend points towards growing confidence in the potential of SUI
Credit: Coinglass
Regardless of how well Sui has performed so far, there’s a possibility of price fluctuations due to upcoming token unlocks. Specifically, on October 1, the network will release about 64.19 million SUI tokens, which historically has led to increased selling pressure. Some believe the market has already factored in this event, but its actual impact is yet to be seen with certainty
Upcoming Gaming Expansion with SuiPlay0X1
In simpler terms, Mysten Labs, creators of the Sui Network, are venturing into the realm of gaming by launching their handheld gaming device, named SuiPlay0X1, tentatively in early 2025. This innovative device aims to merge traditional PC gaming with blockchain-based games on the Sui network, providing players with a seamless gameplay that marries to combine the advantages of blockchain technology with the comfort of conventional gaming quality
The SuiPlay0X1 will retail at $599, operating on Playtron GameOS – a Linux system tailored for running top-tier PC games. In less than a day since its announcement, over 1,000 units have been pre-ordered, creating quite a buzz. This move underscores Sui Network’s ambitious plan to expand its influence and enhance user interaction by diving into the gaming sector. The anticipation is that this venture will accelerate actions on the Sui Network
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2024-09-04 14:46