Raoul Pal, the CEO and founder of Global Macro Investors, thinks SUI (the cryptocurrency of the Sui blockchain) is showing signs of becoming a major player among new blockchain platforms. He points out that its price chart looks promising, breaking out of a pattern that often signals potential price growth.
What’s catching Pal’s attention is how $SUI is performing better than other top cryptocurrencies, including Solana ($SOL), even when the overall market isn’t doing much. This strength is noteworthy to him.
However, Pal emphasizes that Sui is still in its early stages. For it to truly succeed, it needs to prove itself by having successful, scalable applications built on its platform.
$SUI is actiing like it is going to be one of the key Chosen Ones of the major new chains, if not THE Chosen One…The chart has broken out of the inverse head and shoulders, which is an important first step. 1/ pic.twitter.com/6tVpfELMCv
— Raoul Pal (@RaoulGMI) September 17, 2024
Fundamentals Looking Favorable
He mentions that the total value locked (TVL) in Sui and a recent announcement from Circle are positive signs, but not enough on their own. He sees potential in gaming applications but thinks it’s too soon to tell.
Pal then discusses some technical aspects of Sui. He mentions recent upgrades that have made transactions very fast and hint at future improvements that could make Sui even faster than Solana’s upcoming upgrade.
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In Pal’s view, the team behind Sui (Mysten Labs) is aiming to rebuild the internet for Web3, creating a platform that could potentially handle billions of users. He mentions features like easy logins and upcoming data storage solutions. But again, he stresses that it’s still early days for Sui.
Price Action Looks Promising Following Breakout
The price of SUI finally broke out of a 5-month-long resistance yesterday, with its price closing at $1.67. The price is now retesting the resistance with an opportunity to spike a lot higher if the new support holds.
This resistance has been a barrier to further price growth since April. Thus, a successful restest could bring in a lot of bullish confidence to push the price to new highs.
The RSI is at 70 just at the overbought level, and short-term buyers may have to be cautious in case of a retracement. However, the 50-day, 100-day, and 200-day simple moving averages are all below the price. They could serve as support against a major price fall in case of a long retracement.
The simple moving averages positioning also indicates the bullish bias, suggesting that buyers are more in control of the SUI market.
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