As a seasoned crypto investor with over a decade of experience in this wild world of digital assets, I must say that the recent surge in SUI price is nothing short of impressive. Having witnessed numerous bull runs and bear markets, I can confidently say that the current trajectory of SUI is one to watch.
The SUI price surged 12.7% during the U.S. market trading sessions, currently trading at $2.07. The bullish trajectory can be attributed to TVL’s surge above the $1 Billion mark, and Bybit’s Launchpool supports SUI as its first native token. Will the recovery break ATH or selling waiting for a counter-attack?
SUI Price Gives $2 Breakout as Daily Transactions Soar 112%; All-Time High Incoming?
Based on Artemis’ findings, the day-to-day transactions for the Suisei Universe Initiative (SUI) saw a significant jump from $4.1 million to $9.0 million in October – marking a 120% spike. This substantial rise can be attributed to important events like the introduction of Bybit’s pool support, a surge in the SUI’s Total Volume Locked (TVL), and a strong uptrend in its price rally.
An increase in SUI transactions suggests that users are more active, thereby making the network stronger and safer.
Bybit Boosts SUI Ecosystem with Launchpool Support
The latest action taken by Bybit Launchpool, which involves backing the SUI pool as their initial native token, is a substantial stride not only for Bybit but also for the SUI ecosystem. This decision enhances the influence of SUI within the Decentralized Finance (DeFi) sector, as its incorporation into a prominent exchange offers enhanced exposure and liquidity.
1) Bybit is swapping out the current USDT pool for a USDC pool, which they’ve also announced. The launch of Bybit’s NAVI token from the SUI ecosystem underscores their dedication to boosting and growing the SUI network.
By press time, the SUI price traded at $2.13, while the market cap was $5.9 Billion.
SUI Stands 1% Away From New High
In September, the Layer-1 cryptocurrency known as SUI ranked among the top-performing digital currencies. Starting from a base of $0.75, its value skyrocketed by an impressive 180%, reaching a trading price of $2.18.
Breaking out bullishly from the $2 mark offers buyers a chance to test the high resistance at $2.17. If this resistance successfully flips to support, it could propel the SUI price towards $2.5.
As the SUI price approaches record-breaking levels, an oversold technical signal indicates that traders may need a break. The high Average Directional Index (ADI) of 54% implies that the altcoin might experience a short-term correction to rebuild its strong uptrend momentum.
Presently, the 20-day exponentially weighted moving average is at approximately $1.65, while the 50 EMA stands at around $1.35. These levels could serve as potential areas of support for those looking to buy cryptocurrencies during a pullback.
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2024-10-07 21:42