As an analyst with over two decades of experience in the crypto space, I must admit that Sui’s recent performance has been quite intriguing. The token’s impressive surge in the past few weeks and its current trajectory have put it on my radar as one to watch closely.
In recent weeks, Sui, often referred to as a potential competitor to Solana, has shown remarkable performance and has emerged as one of the top-performing cryptocurrencies within the industry.
In the last four days, the native currency of the Sui (SUI) Network has experienced an increase. Currently, it’s trading at $0.9820, which is its highest level since Aug. 27, and has surged more than 100% from its lowest point in August.
Bitcoin (BTC) is up by 10% in the same period.
Sui’s recuperation has taken place in an active trading environment. As per CoinGecko data, the coin’s trading volume in the spot market has been gradually climbing up. On Saturday, September 8, the volume surged to over $413 million, reaching its peak level since August 24.
Over the past six trading days, I’ve noticed a significant increase in my personal involvement in the futures market, with the peak reached today being the highest it’s been since August 13th.
It stood at over $228 million, higher than last month’s low of $130 million.
Sui has additional strengths to boast about. Its weekly Decentralized Exchange (DEX) trading volume surpassed $222 million, placing it as the tenth-largest DEX platform network. The busiest DEX platforms on Sui are Cetus, DeepBook, Turbos, and Kriya. Notably, its monthly volume has been steadily increasing for three consecutive months, reaching an impressive $1.35 billion in August.
Simultaneously, much activity is taking place backstage. To give you an idea, SuiPlay, the pioneering handheld gaming device built on Web3 infrastructure, is set to debut in the first half of next year. Pre-orders for this device have already started, with a price point of $599.
Additionally, there’s Mysticeti, which represents an improvement, enabling swifter establishment of settlements due to its persistent argument for superiority over Solana in terms of blockchain performance.
By introducing Mysticeti, Sui Core ensures swift confirmation of all transactions involving both personal and communal objects, offering the quickest settlement finality. Therefore, our team will prioritize examining other areas within Sui user experiences that could potentially influence total end-to-end (e2e) response times.
— Dmitri Perelman (@PerelmanDmitri) September 5, 2024
Sui price nears a key level
In simpler terms, Sui is almost reaching a significant level of psychological resistance at $1. Moreover, it appears to have created an inverted “head and shoulders” chart pattern, which is often seen as a bullish signal for a price reversal.
The coin has not only surpassed the 23.6% Fibonacci Retracement level, but this point now serves as potential support. Additionally, it has climbed over its 50-day moving average.
Anticipate that Sui will persistently climb higher, with a significant milestone approaching near the price level of $1.1154 – which was its peak in August 12th – and the 38.2% retracement point as potential key indicators to monitor.
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2024-09-08 18:07