SUI: The Potential of an Efficient Layer 1 Blockchain

SUI is a low-latency, high-throughput Layer 1 blockchain launched by Mysten Labs and supported by FTX. Its instant transaction and settlement capabilities allow SUI to perform exceptionally on-chain.

Currently, SUI has a market capitalization of $5.5 billion, with a 24-hour trading volume of $700 million. Historically, after each price increase, there has been a pullback, followed by consolidation on the 4-hour chart; often, before taking off, there will be a false breakdown, and then a significant upward surge.

Previously stimulated by positive news, market sentiment quickly improved, pushing prices to new highs. Currently, it has entered a phase of pullback and consolidation, attracting more capital to enter. Once it breaks and stabilizes, consideration can be given to going long, but position management should be a priority. $1.83 serves as weekly support, with the current price at $1.93. Personally, I believe there is still a possibility of breaking this support in the short term, so caution is advised. #sui/usdt