⏫⚡️ $SUI price set to soar as funding rate, DeFi assets surge💥♻️
Sui price is slowly forming a bullish flag and a golden cross, pointing to a strong breakout as its funding rate turns positive and decentralized finance assets jump.
Sui (SUI) token was trading at $3.40 on Saturday, up by 94% from its highest level in April this year🎀.
Third-party data shows that Sui has become one of the fastest-growing players in the crypto industry this year. The amount of assets locked in its decentralized exchange network has jumped by 40% in the last 30 days, to $2.45 billion🌀.
This growth has made it the 9th biggest blockchain in the industry, bigger than popular networks like Avalanche (AVAX), Polygon (POL), and Cardano♻️.
Further data shows that Sui’s stablecoin market cap has jumped to $897 million, meaning that it may soon cross the $1 billion milestone. The number of stablecoins in a blockchain network is a positive sign as it shows that users are actively interacting with it.✅
Further data reveals that DEX protocols on the Sui blockchain are seeing more traction among users. Their total transaction volume stood at over $2.9 billion in the last seven days and $11.2 billion in the previous 30 days. Cetus, Momentum, and Bluefin led the market share in this♊
Meanwhile, the eight-hour funding rate has turned positive and is pointing upwards, signaling that the price of a perpetual contract is higher than the spot one. It is a bullish sign as it signals that more traders are betting on the price increase.
Sui price analysis💕
The daily chart shows that SUI coin has jumped in the past few weeks, moving from a low of $1.7290 on April 7 to $3.4 today. It is slowly forming a bullish flag pattern, a popular continuation sign.💕
Sui token is also forming a golden cross pattern, which happens when the 50-day and 200-day moving averages are about to cross each other.💥
Therefore, the coin will likely have a strong bullish breakout. The next target to watch is $5.395, its all-time high, which is about 60% above the current level🍒$SUI
