Cryptocurrency

SUI Price See Explosive Growth: Why Everyone’s Suddenly Obsessed With This Altcoin

The native token of blockchain network Sui, SUI, has seen tremendous growth in both its price and underlying platform metrics over the past week.

SUI’s price alone has surged over 80% in 7 days, rallying from under $1 to over $1.40 at the time of this writing. More significantly, total value locked (TVL) on the Sui network has catapulted even faster, now exceeding $330 million after starting 2023 below $100 million.


Keypoints

  • SUI price has risen 73% in 3 days, overcoming previous resistance at $1.245. However, the RSI is overbought, indicating a potential retracement to $1 levels.
  • SUI has hit a new all-time high price of $1.43. This comes amid strong on-chain metrics like rising TVL, now over $300 million. Interest and trading volumes for SUI are also increasing.
  • SUI’s TVL has now surpassed Bitcoin’s, reaching over $330 million. This indicates strong confidence in SUI compared to Bitcoin post-ETF approval. SUI ranks 13th globally for TVL.
  • Upcoming integration of Solend protocol on Sui is further boosting momentum for the token.
  • SUI price has rallied over 11% in 24 hours due to the strong on-chain metrics and TVL growth. Prices are holding well above $1.40.

Sui’s TVL growth has been so explosive that it has now surpassed Bitcoin’s TVL according to on-chain analyst DefiLlama. This is an impressive achievement for a new layer-1 blockchain like Sui, illustrating strong confidence in the network compared to the more established Bitcoin. Sui currently ranks 13th amongst all blockchain networks by TVL, after entering 2023 outside the top 30.

Several factors are driving this increased usage and value flowing into Sui dApps. The network is gearing up to integrate the Solend lending protocol to boost DeFi offerings. Trading volumes are also rising, frequently exceeding $70 million daily as per Coinalyze data. Meanwhile Open Interest remains elevated near $160 million, underscoring trader confidence.

SUI Price Overcomes Resistance

After range-trading between $0.80 to $1.00 for over a month, SUI finally broke out decisively in January 2023. The token overcame stubborn resistance around the psychologically-key $1.25 level to hit a new all-time high around $1.45. In the near-term prices may witness some retracement as technical indicators like RSI show overbought conditions. However, strong platform metrics and on-chain fundamentals suggest scope for long-term upside.

Sui Price Chart (SUI)

As per Coinalyze data, market sentiment tilt slightly bearish over the past day as open interest declined from $185 million to around $157 million. This indicates some cautiousness among futures traders. However spot volume continues unabated, while Sui’s TVL goes from strength to strength. This points to sustained platform usage and demand absorbing any selling pressure.

Sui is emerging as a clear winner amidst recent crypto market uncertainty. Its innovative tech and focus on developers is driving real adoption, unlike many crypto projects valued purely on speculation. With strong platform metrics and prices breaking out to new highs, SUI seems poised to massively outperform broader crypto markets in 2023.

What is Sui?

Sui is a new layer-1 blockchain that aims to achieve unprecedented speed and scale compared to existing chains like Ethereum. It is optimized for low-latency transactions and high throughput, making it suitable for real-time use cases like gaming, finance, and social networks.

Sui uses a novel “horizontal scaling” approach called transaction parallelization. This allows different types of transactions to be validated in parallel across nodes, rather than sequentially like in traditional blockchains. Data is stored in an object-centric model rather than being account-based. This allows nodes to process transactions independently for unrelated data flows.

The smart contracts on Sui are programmed in Move, a Rust-based language designed by Meta engineers for security and speed. The network will use proof-of-stake consensus to validate transactions. Sui promises over 100,000 transactions per second through its parallel processing architecture.

The native token of the Sui network is SUI. It will be used to pay gas fees for transactions and fund the storage costs of maintaining ledger data over time. Sui plans to have an incentivized testnet to distribute SUI tokens initially.

Sui aims to bring web3 properties like decentralization and token-based incentives to dApps, while matching speeds familiar to web2 applications. Its technical architecture is built from the ground up to scale transaction throughput to levels not yet seen in blockchain.

The post SUI Price See Explosive Growth: Why Everyone’s Suddenly Obsessed With This Altcoin appeared first on Blockonomi.

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