SUI Price Poised for Significant Surge as DeFi Assets and Funding Rate Rise
$SUI Sui (SUI) token is showing promising signs of a strong breakout as its price rises and key indicators point toward bullish momentum. Trading at $3.40 on Saturday, SUI has gained 94% since reaching its highest level in April.
$SUI Sui has emerged as one of the fastest-growing projects in the cryptocurrency space this year. The total assets locked in its decentralized exchange (DEX) network have surged by 40% over the past 30 days, reaching $2.45 billion. This growth has propelled Sui to become the 9th largest blockchain by market capitalization, surpassing major networks like Avalanche (AVAX), Polygon (POL), and Cardano.
Moreover, Sui's stablecoin market capitalization has reached $897 million, and it’s on track to exceed the $1 billion milestone soon. The growing number of stablecoins is a positive indicator of increased user interaction with the network.
DEX protocols on Sui are seeing increased user activity, with a total transaction volume of over $2.9 billion in the past week and $11.2 billion over the last 30 days. Leading platforms such as Cetus, Momentum, and Bluefin are capturing the largest market share.
Sui Price Analysis
The daily chart reveals that SUI has experienced significant upward momentum recently, rising from $1.73 on April 7 to $3.40 today. It is forming a bullish flag pattern, which typically signals a continuation of the current uptrend.
Sui is also witnessing the formation of a golden cross pattern, where the 50-day moving average is about to cross above the 200-day moving average. This pattern is typically associated with a strong bullish breakout.
As a result, SUI could be on the verge of a major price increase, with the next key resistance level to watch being its all-time high of $5.395, roughly 60% above its current price.
#SUI🔥 I
#SuiNetwork