Increase anticipated in Sui's value due to escalating funding rate and surge in DeFi assets.
Sui's token, SUI, is experiencing a significant jump, trading at $3.40 on Saturday, marking a 94% increase since its peak in April this year. This rapid growth has propelled SUI to become one of the fastest-growing crypto players in the industry.
In the last 30 days, the amount of assets locked in SUI's decentralized exchange network has skyrocketed by 40%, reaching an impressive $2.45 billion. This growth propels SUI to the 9th largest blockchain in the industry, surpassing networks like Avalanche, Polygon, and Cardano.
The growth in SUI's assets is not the only positive sign. The stablecoin market cap has risen to $897 million, indicating that it could soon cross the $1 billion milestone. The higher the number of stablecoins within a blockchain network, the more actively users are interacting with it, which is a bullish signal for SUI.
The increasing traction among users is also evident in the DEX protocols on the SUI blockchain. Their total transaction volume has exceeded $2.9 billion in the last seven days and $11.2 billion in the previous 30 days. Cetus, Momentum, and Bluefin are the market leaders in this regard.
The eight-hour funding rate has turned positive, indicating that more traders are betting on the price increase. This bullish sign is further reinforced by the formation of a golden cross pattern, where the 50-day and 200-day moving averages are about to cross each other, pointing towards a strong bullish breakout. The next target to watch is $5.395, SUI's all-time high, which is approximately 60% above the current level.
With SUIPlay 0X1 gaming platform anticipated launch, game development, and play-to-earn activity on SUI could surge, driving massive adoption. Additionally, protocols like Suilend and NAVI Protocol are reporting increasing revenue, indicating boosted on-chain transaction activity. SUI's focus on scalability and user experience, including innovations like ZkLogin, positions it for broader adoption in decentralized applications.
While technical analysis suggests that SUI could test the $4.20 resistance, $3.60 acts as a strong support level. Early April forecasts targeted $4.00 by month-end. For the year-end, price predictions range between $5.05 (conservative average) and $6.25 (post-SuiPlay 0X1 surge). Optimistic models even speculate a $10 target if the bullish momentum accelerates.
However, investors should exercise caution due to the Fear & Greed Index remaining neutral (54), and RSI nearing overbought territory (~70). SUI's $9.8B market cap and $1.08B daily volume reflect strong liquidity, but Bollinger Band tightening suggests impending volatility, likely surrounding SuiPlay's launch.
- SUI, the token of the up-and-coming blockchain Sui, has surpassed networks like Avalanche, Polygon, and Cardano, with a 40% increase in assets locked in its decentralized exchange network within the last 30 days.
- The stablecoin market cap on SUI's network has risen to $897 million, signaling that it could soon surpass $1 billion.
- The total transaction volume on DEX protocols on the SUI blockchain has exceeded $2.9 billion in the last seven days and $11.2 billion in the previous 30 days, with Cetus, Momentum, and Bluefin being the market leaders.
- The eight-hour funding rate is positive, indicating that more traders are betting on a price increase, and a golden cross pattern is forming, suggesting a strong bullish breakout.
- The next target for SUI's price is $5.395, its all-time high, which is approximately 60% above the current level.
- With the anticipated launch of SUIPlay 0X1 gaming platform, game development, and play-to-earn activity on SUI could surge, driving massive adoption.
- SUI's focus on scalability and user experience, including innovations like ZkLogin, positions it for broader adoption in decentralized applications.
- Despite the bullish outlook, investors should be mindful of the Fear & Greed Index being neutral (54) and the RSI nearing overbought territory (~70), as SUI's $9.8B market cap and $1.08B daily volume reflect strong liquidity, but Bollinger Band tightening suggests impending volatility, likely surrounding SuiPlay's launch.
