Here are some recent developments of SUI:
Price Trends
- Pullback after hitting a historic high: On December 12, SUI reached a peak of $4.91, with a daily increase of up to 30%. However, a downward trend appeared the day after hitting the all-time high, as profit-taking intensified on Saturday, causing a significant price drop.
- Fund flow situation: In the past 24 hours, $12 million worth of SUI has flowed out of the market, contrasting sharply with the $16 million inflow recorded on Friday.
Technical Indicators
- Bearish divergence: A bearish divergence has formed between the SUI price and the RSI (Relative Strength Index). When the price reached a new high of $4.92, its RSI value was significantly lower than previous highs, reinforcing bearish expectations.
- Support and resistance levels: Currently, SUI's support is firmly positioned at $4.02 and $3.23. If it can stay above the key support level of $4.27, it will be beneficial for maintaining the upward trend.
Ecological Development
- Total locked value and DEX trading volume rise: According to Defillama data, on December 12, the total locked value of the SUI network soared to a new high of $1.84 billion, and its decentralized exchange trading volume set a record of $466 million in 24 hours, with a cumulative trading volume exceeding $35 billion.
- Partner expansion: In November, SUI announced a partnership with Franklin Templeton, an asset management company with $1.7 trillion in assets, to explore innovative use cases. Additionally, it has collaborated with Babylon Labs, Lombard, and Cubist to integrate Bitcoin liquidity, unlocking programmable Bitcoin features.
Network Upgrade
SUI recently announced a significant network upgrade plan that will further reduce transaction costs, increase network throughput, and enhance the platform's scalability and performance, making it more attractive to DApp developers and enterprises.