$SUI Coin Gains 27% in Seven Days, Outperforms Market
Nancy Lubale, an analyst at Cointelegraph, a foreign media outlet in the currency circle, pointed out that the public chain project Sui ($SUI) has performed well recently, with a cumulative increase of more than 27% in the past seven days.
CoinMarketCap data shows that on September 12 alone, $SUI surged from a low of $0.9274 to $1.07, a single-day increase of 15%.
By comparison, the overall cryptocurrency market capitalization rose just 1.15% to $2.02 trillion during the same period. Among the top 100 cryptocurrencies by market capitalization, $SUI has been one of the best performers over the past 24 hours.
Cryptocurrency analyst Crypto Banter has also seen $SUI’s gains, saying it has outperformed the market recently.
What is the reason for the rise of $SUI coin?
Why has the $SUI coin risen recently? Crypto Banter believes that it was mainly affected by the launch of Sui Trust Fund by Grayscale Investment (Grayscale), which attracted market attention and further increased market demand for $SUI.
Grayscale Investments stated that the Sui Fund operates similar to other single asset investment trusts, investing only in its native token $SUI:
“Trust shares are designed to track the market price of $SUI coins, net of related fees and expenses.”
DeFiLlama data shows that the total value locked (TVL) of the Sui blockchain has increased by 107.5% in the past month and currently exceeds $711 million. Popular projects in this ecology are as follows:
Decentralized exchange Cetus (TVL: $121 million, up 22% in 30 days)
Navi Protocol (TVL: $261 million)
Scallop Lend (TVL: $117.75 million)
DeepBook (TVL: $29.31 million)
FlowX Finance (TVL: $15.78 million)
Analysts pointed out that the increase in TVL reflects increased user activity and confidence in the network, which usually increases market demand for native tokens, thereby pushing up prices.
Source: DeFiLlamaSui Blockchain Total Locked Value (TVL)
Analysis of the future trend of $SUI currency
Cryptocurrency analyst Cryptorphic recently pointed out that if $SUI breaks through and stands above $1.025, it will be expected to see huge upside potential, with a target price near $2.58, which is the upper resistance level of the ascending channel.
The active ecology and outstanding price performance make another analyst Bmoon more optimistic. He predicts that $SUI may reach $3.60 in the fourth quarter of this year.
However, "BeInCrypto" on-chain analyst Abiodun Oladokun reminded that although $SUI is expected to challenge the 60-day high of $1.11, when it reaches the high point, if the profit-taking momentum increases, it is necessary to pay attention to the risk of downside, and the key support below The position is at $0.46.
As of writing today (13th), $SUI has temporarily exceeded $1.025 and is currently quoted at $1.03.
Source: CoinMarketCap$SUI coin future trend analysis
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice. The analysts’ views are for reference only. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
