$SUI $AVAX $AVA
🔶⚡The Sui price is slowly forming a bullish flag and a golden cross, indicating a strong breakout with the funding rate turning positive and decentralized finance assets jumping.
The Sui token (SUI) was traded at $3.40 on Saturday, an increase of 94% from its peak in April of this year.
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Data from third parties 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, reaching $2.45 billion.
This growth has made Sui the ninth largest blockchain in the industry, larger than well-known networks like Avalanche (AVAX), Polygon (POL), and Cardano.
Additional data shows that the market capitalization of the Sui stablecoin has jumped to $897 million, indicating it may soon exceed the billion-dollar threshold. The number of stablecoins on the blockchain network is a positive sign as it shows that users are actively engaging with it.
Additional data reveals that DEX protocols on the Sui blockchain are gaining more momentum among users. Their total trading volume exceeded $2.9 billion in the past seven days and $11.2 billion in the previous thirty days. Saitos, Momentum, and Bluefin led the market share in that.
Meanwhile, the eight-hour funding rate has turned positive and is indicating upward, which shows that the futures contract price is higher than the spot price. This is a bullish sign as it indicates that more traders are betting on a price increase.
👈 Sui Price Analysis 👉
The daily chart shows that the SUI token has surged in the past few weeks, moving from its low of $1.7290 on April 7 to $3.40 today. It is slowly forming a bullish flag pattern, which is a common continuation signal.
