The SUI coin has been showing impressive growth that has attracted the attention of many investors. In recent days, the coin’s price has increased by more than 80%, which is due to several factors. One of the main reasons is the growth of the total value locked in the Sui network smart contracts (TVL), which has exceeded $330 million. This indicates an increased interest from users in Sui-based decentralized applications. Moreover, the launch of Grayscale SUI Trust has also played a major role in increasing the demand for the token, which has led to a significant increase in its price.
Despite this strong bullish momentum, there are a few factors to consider. Indicators like the RSI (Relative Strength Index) suggest that the coin is currently in overbought territory, which could mean a potential correction in the near future. However, the long-term outlook looks positive, especially as DeFi development on the Sui platform continues to strengthen.
If you already own SUI, it may be worth considering taking profits at current levels, especially given the risk of a possible short-term correction. However, if you believe in further growth and the long-term potential of the platform, you can hold the asset while monitoring market developments and updates on the Sui platform.
