Sui price is currently retesting the recent breakout from its previous all-time high and is technically aiming for $2.8 in the near term.
The Sui SUI $2.23 24h volatility: 9.7% Market cap: $7.24 B Vol. 24h: $1.67 B network, a layer one (L1) blockchain technology based in the Move programming language, has emerged as a top-tier web3 ecosystem in the recent past. The dominance of Ethereum ETH $1 774 24h volatility: 7.1% Market cap: $214.17 B Vol. 24h: $23.98 B in the decentralized financial (DeFi) space has heavily been contested by other L1 chains offering higher throughput, high security, and most importantly very affordable to the mainstream retail users.
As of this writing, the Sui network has grown to more than $1 billion in total value locked (TVL) and more than $331 million in stablecoins market cap. Some of the top-performing DeFi platforms on the Sui network include NAVI protocol, SuiLend, Cetus AMM, and Scallop Lend, among many others.
Sui Price Ready for Parabolic Rally
Following the notable growth of the Sui network in the recent past, SUI price has significantly benefited from a bullish outlook. The mid-cap altcoin, with a market cap of about $5.5 billion and a fully diluted valuation of around $20 billion, has seen a notable growth in its daily average traded volume to about $1 billion as of this writing.
From a technical analysis point of view, SUI price has been retesting the March 2024, peak of about $2.09. Earlier this month, SUI price rallied to a new all-time high (ATH) of about $2.34.
According to a popular crypto analyst alias Satoshiflipper, SUI price has been retesting the lower border of a brooding wedge, which could yield a major bull run in the near term.
$SUI/usdt 4 hour
Finally opened a long for $SUI this am, I really like this setup, price nicely bouncing off broadening wedge support … top of the range is inevitable w/ some cooperation from $BTC
LFG 🚀🚀 pic.twitter.com/Bx981wAhzR
— Satoshi Flipper (@SatoshiFlipper) October 24, 2024
However, the bullish scenario for Sui is heavily pegged to the fundamentals affecting Bitcoin in the short term. Moreover, the altcoin industry has shown a positive correlation with Bitcoin in the recent past.
The upcoming US 2024 elections and the Fed’s interest rate decision in early November will significantly impact the crypto market in the subsequent weeks. Notably, some Wall Street analysts have cautioned traders of a potential selloff after the US election, while others anticipate a major bullish breakout.
The ongoing bull run for precious metals led by Gold has given hope for an inevitable bullish breakout for the entire crypto market led by Bitcoin.
Future Plans
As Coinspeaker recently reported, the Sui network has been preparing to support Web3 developers from different parts of the world through its SuiHub. Earlier this week, SuiHub in collaboration with Ghaf Group announced the launch of its first hub in Expo City Dubai.
The SuiHub Dubai was launched together with Sheikh Al Mualla bin Ahmed Al Mualla, leaders of Expo City Dubai, and esteemed guests of the broader Dubai community.
The Sui team intends to provide Web3 startups with technical support, and funding resources to build on the Sui blockchain.
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