As a seasoned crypto investor with a knack for spotting promising assets, I find myself increasingly intrigued by the meteoric rise of SUI. My journey in this volatile yet exhilarating world has taught me that a surge in transaction volume and TVL is often a telltale sign of a project’s potential.
In my analysis as an observer, I noticed that the price of SUI skyrocketed by approximately 20% during yesterday’s trading session, outpacing the general upward trend of the broader market. This surge can be linked to the 5% increase in Bitcoin‘s price, which pushed it up to $63,850. The persistent rise in SUI’s price suggests that it has maintained a position above its 50-day Exponential moving average, indicating a potential reversal in the short-term trend. As a question, I wonder if the buyers will be able to maintain the $1 mark for SUI.
SUI Price Gains Momentum Amid Record Transaction Volume and TVL Surge
As a researcher immersed in the intricacies of the blockchain world, I’m excited to share some compelling insights. Specifically, I’ve been tracking the performance of SUI, a layer 1 blockchain network that has truly made its mark. According to Artemis data, this network has recorded an astounding 2.14 billion transactions, putting it ahead of notable players such as Tron, Polygon, and even Ethereum in terms of transaction volume. This impressive feat is a testament to the robustness and efficiency of the SUI network.
A large number of transactions indicates that Sui is increasingly popular as a platform for decentralized apps (dApps) and various blockchain endeavors. This popularity might draw in more developers, participants, and financiers, thereby reinforcing its standing within the market.
@SuiNetwork has more transactions than Polygon, Arbitrum, Base and Ethereum combined this year.
— ToreroRomero (@Torero_Romero) August 21, 2024
By press time, the SUI price traded at $1.025 while boosting its market cap by $2.66 billion.
To add, the Total Value Locked (TVL) for the Sui Network has shown a significant increase since early August. As per DeFiLlama data, the TVL value climbed from $342.8 Million to $654.2 Million, marking a 90% rise. This growth suggests that funds are being locked into its protocols, indicating a strong belief among market participants in the network’s resilience and potential.
SUI Coin Hints Major Breakout Ahead
Despite the current market turmoil, the price of SUI found a reliable base at $0.8. This key level, reinforced by the gradient of both the 20-day and 50-day Exponential Moving Average, provides robust support and hints at an early change in investor sentiment, suggesting a possible market reversal.
The bullish turnaround has increased the asset by nearly 30% to trade, surpassing the $1 psychological level. An analysis of the daily chart shows this upswing bolsters the formation of a bullish reversal pattern called inverted head and shoulder. The pattern is characterized by three troughs, with the middle trough (head) being the lowest and the two outer troughs (shoulders) being shallower.
If purchasing continues at its current pace, it’s likely that the SUI price could increase by around 7% before a significant breakout occurs at the resistance level of $1.1. Once this level is surpassed, the bullish trend should gather speed and potentially drive the price up to $1.2, with further potential for reaching $1.43 afterwards.
Contrarily, if the pressure on the overhead supply continues, the SUI price might reverse its current trend, which could negate the bullish assumption and send the asset falling again beneath the $0.8 mark.
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2024-08-24 01:20