Sui Token Shows Promising Signs of Growth and Bullish momentum
Sui (SUI) is making waves in the crypto world. The token’s price has surged to $3.40,marking a 94% increase from its April high. This upward trend is supported by several positive indicators.
Third-party data reveals that Sui has rapidly climbed the ranks in the crypto industry. In the past month,the value of assets locked in its decentralized exchange network has risen by 40%,reaching $2.45 billion. This growth has propelled Sui to become the 9th largest blockchain, surpassing well-known networks like avalanche, Polygon, and Cardano.
Another important milestone is the growth of Sui’s stablecoin market cap, which has climbed to $897 million. This suggests increased user activity on the platform.The total transaction volume on Sui’s DEX protocols has also seen a boost, with over $2.9 billion in the last seven days and $11.2 billion in the past 30 days. Cetus,Momentum,and Bluefin are leading the charge in this area.
The eight-hour funding rate has turned positive, indicating that more traders are betting on a price increase. This is a bullish signal for SUI.
Technical analysis of SUI’s price chart shows a bullish flag pattern forming. This is a continuation pattern that suggests a strong upward breakout. The coin is also forming a golden cross, where the 50-day and 200-day moving averages are about to cross.These factors point to a potential rise towards its all-time high of $5.395, a 60% increase from the current price.
