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SUI’s price action and recent developments have inspired confidence within the blockchain community.
SUI SUI $2.83 24h volatility: 25.4% Market cap: $8.06 B Vol. 24h: $2.54 B price has increased by more than 100% over a one-month time frame. While it has now corrected slightly, this hasn’t stopped the community and cryptocurrency experts from speculating whether it will target its all-time high.
SUI Surges Almost 300% in 2 Months
SUI has established a significant uptrend over the last two months. After bouncing from its low point of $0.48, the token consolidated within the $0.80–$1.10 zone for a month before experiencing a major breakout in early September.
The cumulative growth for this token over the last two months has been close to 300%, with over a 150% increase in the last month alone.
At the time of writing, the token’s price has slightly retracted from its recent high and is currently trading around the $1.60 level. If there is a pullback in the coming days, the previous consolidation zone of $0.80–$1.10 and the recent high of $1.80 act as key resistance levels. The token’s current market capitalization is just above the $4.5 billion mark.
Analysis by Crypto Amsterdam
Naturally, this sudden increase has led investors and crypto analysts to make bullish predictions, with CryptoAmsterdam offering a more analytical view of the project.
The range // cycle structure // Watchlist
1. Creating a watchlist and the tools I use
2. Setup
3. Timing and Bitcoin> With examples 🧵👇 pic.twitter.com/8EBUmD4Ydw
— CryptoAmsterdam (@damskotrades) October 3, 2024
In the watchlist he created, CryptoAmsterdam has used SUI’s price action to teach his followers about the different stages of the market cycle and to identify a suitable entry point for investment.
The chart shows that the token consolidated in Stage 3 before making a strong upward move into Stage 4. However, before that, the price experienced a sweep of the lows at a key level on a higher time frame, clearing out weak positions by dipping below the previous lows before reclaiming the range.
Why Is SUI Growing?
SUI’s recent surge has caused a lot of speculation about the reasons behind it. However, here are the four that we could find.
Increased value locked
SUI’s DeFi ecosystem has experienced a major surge in terms of Total Value Locked (TVL). It increased from $663.8 million in mid-September to $1.05 billion by October 1st. While there has been a minor decline, with the current TVL just above $977 million, this recent surge indicates growing interest in its ecosystem.
Total Unlock Event
On October 1st, 64.19 million SUI tokens were unlocked, representing nearly 2.4% of the total supply. These tokens were allocated to Series A and Series B investors, Mysten Labs Treasury, early contributors, and community reserves. The unlock led to significant buying pressure, contributing to the token’s growth.
Increased Activity
Artemis Terminal shows that there has been increased activity on the SUI network, with a sharp 140% rise in the number of unique addresses interacting with the ecosystem. These interactions have contributed to SUI’s recent growth.
Sui Mainnet has Gone Live
The Sui mainnet has now gone live with the launch of its native Sui bridge. This milestone has led to the SUI token gaining more traction in the market.
SUI Price Prediction
The recent developments have brought significant traction to SUI, and despite some price corrections, the overall sentiment remains bullish.
In the remaining months of 2024, it is entirely possible for bulls to push the SUI price further up, potentially reclaiming its all-time high or even surpassing it.
That said, we have to take the recent decline into account as well. The large red candle could be the undoing of this forecast if multiple greens don’t emerge to create a bullish engulfing chart.
For now, $1.63 (23.6% fibs) is acting as support. A drop below this could push the SUI price further down to the $1.40 level. Breaking the $1.90 resistance is necessary for it to make a move toward its all-time high.
Crypto All-Stars: Another Suitable Asset to Invest Alongside SUI
SUI’s price action and recent developments have inspired confidence within the blockchain community. However, the recent uptrend also suggests that any profits generated might be modest.
Therefore, those looking for exponential price action might consider investing in meme tokens like Crypto All-Stars (STARS). Available at under $1 on presale, it offers early entry opportunities as well as a chance to participate in an initiative aimed at unifying the meme coin community.
Crypto All-Stars presents images of all the major meme coin mascots inside a pixelated arena. While the look fosters a sense of community, it is the utility that Crypto All-Stars brings that makes it more tangible.
The project has developed a MemeVault, a staking pool where major meme coins such as Dogecoin, Pepe, Floki, Shiba Inu, and more can be staked in exchange for hefty APY. Additionally, if users stake their STARS tokens, they will earn triple the yields.
This approach has enticed the meme coin community, allowing Crypto All-Stars to raise close to $2 million to date.
Even mainstream crypto analysts, such as 99Bitcoins, have discussed this project, highlighting its potential for 100x returns.
While Crypto All-Stars’ unique look and presale offer the potential for massive short-term gains, the token’s staking fundamentals provide a strong foundation for long-term profit potential.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.