Sui (SUI) has surged by 81.5% in the past month and has jumped to the 11th place in the list of most valuable cryptocurrencies as per data from CoinMarketCap.
The launch of the SUI Trust by Grayscale and the submission of an application by 21Shares for a SUI-linked exchange-traded fund (ETF) were some of the news that catalyzed this significant price uptick.
In addition, the project announced on May 16 that they surpassed the $1 billion mark in stablecoin balance – an important milestone for a project that aims to grow its decentralized applications (DeFi) ecosystem.
Data from DeFi Llama shows that SUI’s TVL expressed in units of the network’s utility token has surged from 402 to 543 million tokens, reflecting significant interest from market participants in protocols like Suilend and NAVI – the two top decentralized applications in the ecosystem.
Sui Price Prediction: SUI Surged by More than 400% the Last Time This Happened
Sui has gone up by 2.4% in the past 24 hours despite the market’s overall weakness. The price currently sits at $3.85 – an area where it has experienced significant selling pressure lately.
Looking at the daily chart, the price action has broken its trend line support but has not yet broken its bullish structure.
The uptrend is still intact as the price has not dropped below its second-best higher high. This retest is not necessarily endangering the rally but it is important to keep an eye on how the price behaves at these levels.
A break below the $3.50 mark may indicate that buyers are ready to take some profits off the table. This could cause a bearish move toward the next relevant support areas – the most important of which is the 200-day exponential moving average (EMA).
Meanwhile, if the price rises above the $4 level again, it could indicate that bulls are ready to resume the rally and could end up pushing SUI to its all-time high in a relatively short period.
The most powerful technical signal that has backed this rally is a bullish crossover between the 21-day and the 200-day EMA. This buy signal, known as a ‘golden cross’, resulted in gains exceeding 400% the last time it happened in the daily chart.
Hence, despite this recent pause in the rally, SUI’s mid-term outlook is quite promising.
As new smart contracts platforms emerge to compete with Solana, a new crypto presale called Solaxy (SOLX) will soon launch to strengthen the latter’s ecosystem and infrastructure.
Solaxy Nears the End of a Successful Presale with Nearly $40M Raised – Don’t Miss Your Chance
Solaxy (SOLX) fixes Solana’s congestion issues once and for all. This project has made significant progress in deploying its L2 and has already launched a testnet to ensure that the solution performs as expected.
Since its presale event kicked off in December, Solaxy has raised nearly $39 million to launch its scaling protocol. In just 26 days, this stage of its roadmap will end, so late buyers should hurry to scoop up some $SOLX at its discounted price of $0.00173 before it is too late.
As the L2’s utility token, the demand for $SOLX will skyrocket as top wallets and exchanges embrace Solaxy as their preferred route to execute transactions in the Solana mainnet.
To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH for this token or use a bank card to make your investment.
