Mysten Labs has launched the public testnet for Walrus Protocol, a decentralized storage network designed to store large data files such as videos, audio, and images.
The testnet, built on the Sui (SUI) blockchain, introduces several key features, including the ability to delete stored files, a staking system, and an explorer tool for users to search and manage data, according to a press release.
Decentralized storage distributes files across multiple independent storage nodes rather than relying on a single company to store data (as with traditional cloud services), providing better security and resilience.
Walrus Protocol uses a method that breaks large files into smaller pieces, distributing them across different locations. Even if some pieces are lost, the entire file can still be reassembled, ensuring users maintain continuous access to their data.
Walrus on Sui
The Walrus testnet is powered by Sui, a blockchain that helps manage the storage system efficiently. It also supports a testnet token called WAL, which allows users to stake tokens (temporarily lock them in the system) and earn rewards for helping run the network.
The protocol aims to make decentralized storage fast and reliable for applications that store rich media.
Two notable partners, Akord and Decrypt Media, are joining Walrus. Akord is moving its secure storage platform to Walrus from Arweave, and Decrypt Media is integrating to store its media files on the network, according to the release.
The Sui Foundation has denied allegations that insiders sold $400 million worth of SUI tokens during the recent price surge, asserting that lockups are being properly enforced.
The Sui Foundation has found itself in hot water after a crypto analyst raised concerns about alleged insider token sales during the recent surge in Sui’s price.
One thing that I’ve found more and more baffling in the last few weeks is the vertical ascent of SUI, with it quintupling off the lows (Ex 1). The market is starved for winners, and believes it has found one here, yet it all feels awfully chintzy for two reasons that I think feed… pic.twitter.com/VKISXpdxp1
In a Monday tweet, on Oct. 14, pseudonymous analyst Lightcrypto claimed that “insiders” sold $400 million worth of (SUI) tokens, linking specific wallets associated with the initial coin offering to the alleged sales. Lightcrypto’s assertions sparked debate within the crypto community, as the analyst questioned the integrity of those building the Sui ecosystem.
“It does not bring comfort that the people building this ecosystem, the people who arguably know this token’s value best, are unloading hundreds of millions of dollars of token into less informed buyers chasing momentum.”
Lightcrypto
In response, the Sui Foundation issued a statement on Oct. 15, refuting the claims, emphasizing that neither its employees nor investors associated with Mysten Labs, which developed the Sui blockchain, engaged in any such selling. The Foundation clarified that all token lockups are “enforced by qualified custodians and continuously monitored by Sui Foundation […].”
Following an allegation of “Sui insiders selling $400M in tokens throughout this run-up,” Sui Foundation would like to respond directly to this individual:
1. No insiders, neither employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors,…
While the foundation did not specify any individuals, it suggested that Lightcrypto may have been referring to a wallet controlled by an “infrastructure partner” who holds tokens under a lockup schedule. Following this statement, the price of SUI fell by 1.7% to $2.21. Nevertheless, the token has seen a significant increase of 106% over the past 30 days, according to data from crypto.news’ price page.
The global crypto market staged a recovery last week, posting a 2.79% increase and closing with a market capitalization of $2.21 trillion.
This surge added $60 billion to the market’s overall valuation.
While Bitcoin (BTC) spearheaded the rally, several altcoins also played a role in the market’s recovery. Below are some of the standout performers from last week:
Table of Contents
SUI rallies 28%
Sui (SUI) had a strong showing last week, surging 28% from $1.75 to close at $2.24. Its most bullish moments came up during the market recovery on Oct. 11 and 12, during which it spiked 21%.
Sui dropped 5.60% on Oct. 9 despite a bullish announcement involving Circle’s USDC. Currently trading at $2.2266, SUI is now above the upper boundary of the Keltner Channel at $2.2186, which indicates potential overbought conditions.
This suggests that while the momentum is strong, a period of consolidation or a minor correction could follow this week unless strong buying pressure persists. Volume remains high, so bulls could leverage this.
Meanwhile, the Aroon Up is at 100%. In contrast, Aroon Down at 28.57% indicates a weak downtrend. However, if the Aroon Down rises this week, this may indicate growing bearish pressure. In this case, SUI could find support at $1.8286.
The Sui token was created by Mysten Labs, a blockchain infrastructure company founded by engineers who previously worked at Meta Platforms on the Diem (formerly Libra) project.
The company was co-founded by notable figures including Evan Cheng, Sam Blackshear, Avery Ching, and George Danezis, all of whom contributed to Meta’s blockchain and cryptocurrency efforts before transitioning to build Sui.
CHZ retests 4-month high
Chiliz (CHZ), a cryptocurrency that powers the Chiliz blockchain, leveraged the broader market movements last week to maintain its rounded bottom structure, as it sustained a trend of lower lows.
The altcoin closed the week with an 11.8% gain, but its most impressive performance occurred as notable spikes throughout the week. For instance, on Oct. 9, CHZ rallied to a 4-month peak of $0.0784 before facing a roadblock.
Chiliz has now recorded another 9% rally in the new week, pushing it above the upper Bollinger Band at $0.0752. A retest and bounce off this level would signal continuous strength for a sustenance of the current uptrend.
However, if the bears are able to trigger a drop below the upper Bollinger Band, investors should pay close attention to the 20-day MA ($0.0663), which currently acts as the major support above the $0.06 psychological region.
Chiliz is primarily focused on the sports and entertainment industries. It was created by entrepreneur Alexandre Dreyfus in 2018, to transform fan engagement through blockchain technology.
COIN records six bullish days
Last week, 8-Bit Coin (COIN) secured six bullish days out of seven. Like the rest of the market, COIN began the week strong, but maintained its uptrend from Oct. 7 to 10 despite the broader market facing a correction.
The asset’s only bearish day came up on Oct. 9, when it dropped 2.78%. Meanwhile, it sustained a trend of lower lows that has played out since Oct. 4, eventually closing the week with an impressive 22% rise.
8-Bit Coin’s most impressive feat was maintaining a neutral RSI of 56.49 despite the 22% increase last week. This suggests that it still has room for further upward momentum.
If the bulls maintain the uptick, its next resistance level would come in at $0.0007335, after which it could battle the $0.00008016 resistance. Amid a recent drop, COIN must ensure it holds the crucial Pivot level at $0.0006232, as a slump below it could tilt the momentum to bearish.
The 8-Bit Coin is a cryptocurrency created as a tribute to retro gaming systems, such as the Atari 7800. It operates on the Solana blockchain and is intended for use in gaming-related applications, allowing users to earn rewards and participate in a community focused on nostalgia and gaming culture
Sui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platform’s mainnet.
Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.
Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.
The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.
What does native USDC mean for Sui?
Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.
Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.
This could lead to a rise in Sui’s network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.
SUI price prediction
Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.
Sui’s price has retreated 6% in the past 24 hours, in line with dips for other top altcoins as Bitcoin (BTC) fell below $63,000. However, with a 108% increase in 30 days and bulls testing levels near the all-time high of $2.17 reached in March, is price discovery next?
If bulls hold near $2, it’s likely the next surge will push Sui past its current all-time high. However, before that happens, crypto analyst Altcoin Sherpa offered some caution regarding the altcoin:
$SUI is insane and already WAY past their former ATH in terms of marketcap. Wouldn’t personally buy here in terms of pure price analysis but definitely still observing. This makes a great trade but maybe not the best hold given unlocks pic.twitter.com/XoUPY39879
Sui, often dubbed the Solana-killer, continued rising on Oct. 8 amid a record surge in its futures market.
Sui (SUI) jumped to an intraday high of $2.14, its highest price level in six months, and 181% above its lowest point last month. This recovery made it the leading gainer among the top 100 cryptocurrencies by market cap on Oct. 8.
At press time, Sui’s market cap stood at $5.46 billion, while its daily trading volume had more than doubled to $2.26 billion.
Key developments fuelling growth
A key catalyst for Sui’s recovery has been the significant demand in the futures market. Data from CoinGlass reveals that Sui’s open interest soared to an all-time high of $564 million on Oct. 8, surpassing the previous record of $502 million. This is a dramatic rise from September’s lows, where open interest hovered below $140 million, suggesting a substantial influx of speculative capital.
Futures open interest measures the volume of outstanding contracts—both buy and sell orders—that have yet to be executed. A surge in this metric typically signals heightened interest and confidence among traders.
Most of Sui’s futures activity has been driven by Bybit, followed closely by Binance and Bitget. Notably, Bybit’s decision to incorporate SUI into its Launchpool, marking the first time a non-Mantle token has been included, has helped bolster market activity.
Beyond the futures market, Sui’s fundamentals are also improving. The total value locked in Sui’s decentralized finance protocols surged by over 61.2% in the last 30 days, reaching $1.089 million, placing Sui among the top seven chains by value.
Further, the Sui network recently surpassed Solana in terms of daily transaction volume, a key metric for measuring network activity. As of Oct. 8, Sui recorded 58.37 million daily transactions compared to Solana’s 35.41 million, underscoring its growing user base and adoption.
Grayscale’s launch of the SUI Trust in September has added another layer of momentum to the token’s recent rally. The trust allows accredited investors to gain exposure to the SUI token, which has likely contributed to the token’s price appreciation by expanding its reach to institutional players.
Technical indicators signal sustained bullish momentum
From a technical perspective, Sui’s price action is signaling continued strength. The token is currently trading above its 50-day and 200-day moving averages, which formed a golden cross—a classic bullish indicator—on Sept. 22. This pattern suggests that the short-term trend has overtaken the long-term trend, often leading to further upward momentum.
SUI 50-day and 200-day SMA – Oct. 8 | Source: crypto.news
The Average Directional Index, which measures the strength of a trend, has surged to 55, well above the threshold of 25 that denotes a strong trend. The Moving Average Convergence Divergence indicator is also flashing bullish signals, with both the MACD line and its signal line trending upwards. These technical metrics suggest that Sui’s rally still has room to run.
SUI ADX and MACD chart – Oct. 8 | Source: crypto.news
As Sui approaches its previous all-time high of $2.17, this level now serves as a key resistance point. If the token can break through this barrier, it could set the stage for further gains.
The global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.
While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.
Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:
HMSTR collapses 18%
Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.
Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.
For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day.
FTT 1D chart – Oct. 6 | Source: crypto.news
Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains.
As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.
Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.
SUI experienced a sharp drop on Oct. 4, emerging as the day’s largest loser, dropping over 15%.
According to data from crypto.news, Sui (SUI) plummeted from an intraday high of $1.97 on Oct. 3 to a low of $1.62, with its market capitalization falling from $5.46 billion to $4.45 billion. At press time, the token recovered slightly, trading at $1.78, still down 4% over the past 24 hours, with a market cap of $4.92 billion.
Token unlock and market volatility
SUI’s price movement coincided with the unlocking of 64.2 million tokens on Oct. 1, representing 2.4% of the circulating supply. Token unlocks can often trigger volatility as early investors or team members sell tokens to realize profits.
However, despite the large unlock, SUI’s price correction was relatively contained, likely due to the market’s optimistic outlook on the token, which had already rallied 115% in September.
The limited impact of the unlock reflects confidence in SUI’s long-term potential, with investors seemingly unwilling to part with their holdings. This sentiment is supported by the rapid growth and increasing utility within the SUI ecosystem.
Speculation on profit rotation to Aptos
Amidst the price correction, some analysts have speculated that traders may have shifted profits from SUI to its close competitor, Aptos (APT). Both SUI and Aptos are positioned as high-performance layer-1 blockchains, and such rotations between assets are common in the crypto market when traders seek to maximize short-term gains.
maybe it’s time to rotate from one Solana killer to the next. I’ve heard that Aptos tech might be even better pic.twitter.com/LB8YeLNRBm
Despite the recent volatility, SUI’s underlying ecosystem continues to expand rapidly, driven by a surge in developer and user interest.
Data from DefiLlama shows that the total value locked in the SUI ecosystem has soared to a new high of $1 billion, up from $383 million in August. This growth has seen SUI overtake more established blockchains such as Polygon and Avalanche in TVL rankings.
Several factors are fueling SUI’s recent growth. Grayscale’s launch of the SUI Trust in September opened the door for accredited investors to gain exposure to the token, adding serious momentum.
At the same time, SUI’s strategic dive into the blockchain gaming world has turned heads, with Mysten Labs teaming up with Playtron to launch pre-orders for the SuiPlay0X1 console, a web3-native gaming device. Meanwhile, Circle, the company behind USDC, announced plans to bring the stablecoin to the SUI blockchain, boosting its potential for decentralized finance applications.
Sui’s latest partnership with Atoma brings decentralized AI to its network, leveraging Sui’s consensus and low transaction fees. The integration enables apps on Sui to incorporate open-source AI models with verifiability guarantees, supporting use cases like code generation, AI-powered non-fungible tokens, and automation in decentralized finance.
These collaborations seem to have propelled the token into the spotlight, with SUI ranking as a top trending search term on Google since the start of October.
SUI shows signs of recovery
From a technical perspective, SUI appears to be regaining bullish momentum. On the daily chart, SUI is positioned above the middle Bollinger Band at $1.55, indicating a potential upward trend, while the Relative Strength Index is approaching the overbought level.
sui price, Bollinger Bands and RSI chart – Oct. 4 | Source: crypto.news
The Average Directional Index, a key metric for assessing trend strength, has risen to 54 — well above the threshold of 25, which signals a strong trend. Additionally, the Moving Average Convergence Divergence indicator shows bullish momentum, with the two lines trending upwards.
SUI ADX and MACD chart – Oct. 4 | Source: crypto.news
These indicators suggest that SUI may continue its recovery, with the $2 mark acting as the next key resistance level. If the bullish momentum holds, the token could target its all-time high of $2.17, representing a 19% gain from current levels.
SUI surged 115% in September, becoming the top-performing altcoin and reaching a five-month high.
At press time Sui (SUI) was trading at $1.77 recording a 7% price jump over the day while its market cap surged past $4.925 billion setting a new all-time high. Moreover, the Layer-1 blockchain’s daily trading volume also rose 164% hovering around $1.06 billion in the last 24 hours.
Sui, often regarded as a competitor to Solana, has seen impressive growth driven by increasing interest from users and developers. Data from DeFI Llama shows that the total value locked in its ecosystem has surged to an all-time high of $1 billion, up from just $383 million recorded in August.
Some of the most notable Sui dApps that have seen significant growth in TVL are NAVI protocol, Cetus, Suilend, and Scallop Lend, each accumulating over $165 million in assets.
Sui’s push into the blockchain gaming sector, a key area for blockchain adoption, has been a major driver behind its recent surge.
In early September, Mysten Labs, the developer of the Sui blockchain, opened preorders for the SuiPlay0X1 gaming handheld, which integrates Sui’s blockchain technology with a Linux-based OS, supporting both traditional PC and blockchain-based games.
To build excitement, users who preordered were given the opportunity to create a wallet, which will receive a unique NFT upon the device’s delivery.
Another key driver of SUI’s September run is Grayscale’s decision to open its Sui Trust to accredited investors, which adds credibility and attracts institutional interest in Sui.
Moreover, Sui’s recent integration of USDC into its ecosystem and its partnership with MoviePass, the U.S. movie subscription service also contributed to the bullish momentum.
Technicals point to bullish momentum
Sui has seen a notable rise in futures open interest, reaching an all-time high of $485 million on Sept. 30.
SUI price, 20-day and 50-day EMA chart | Source: crypto.mews
The altcoin is currently trading above its 50-day and 200-day moving averages, which formed a golden cross on Sept. 22—a key bullish signal in technical analysis.
SUI Bollinger Bands and RSI chart | Source: crypto.news
When writing, SUI’s price had moved close to the upper Bollinger Band at $1.9754, while the Relative Strength Index had risen to 77.
These indicators suggest strong bullish momentum for Sui, with the potential for further short-term gains. If this trend continues, the next key resistance level is $2.1839, which marks its March high and sits 24% above the current price.
However, SUI’s price could be at risk of a correction, as roughly 64.2 million SUI, valued at $108.5 million and representing 2.4% of the circulating supply, are set to be unlocked on Oct. 1, according to Token Unlocks.
A significant portion—61%—of these tokens will be allocated to early investors from the project’s Series A and B funding rounds. If these investors opt to liquidate their holdings, it could introduce considerable selling pressure, potentially offsetting the recent bullish momentum.
The Sui Foundation has announced a new partnership with MoviePass, the U.S.-based movie subscription service.
According to a press release shared with crypto.news, this collaboration will allow MoviePass users to pay for subscriptions with USDC (USDC), a widely used stablecoin. Sui (SUI), a blockchain platform, will soon integrate USDC into its ecosystem, enabling payments for MoviePass subscriptions and other Sui applications.
As part of the deal, Sui will also take an equity stake in MoviePass, signaling its confidence in the platform’s potential.
MoviePass, originally known for its all-you-can-watch $9.99 monthly plan, now offers a credit-based system to its users. The platform has been refocusing on innovation and technology, as evidenced by this partnership.
For those unfamiliar with blockchain or stablecoins like USDC, the technology allows for more secure and transparent transactions. Unlike traditional currencies, stablecoins are digital assets tied to a stable value, such as the U.S. dollar, making them less volatile than other cryptocurrencies like Bitcoin. (BTC).
By introducing these payment options, MoviePass aims to provide its users with more flexible and secure methods of payment.
Crypto meets movie fans
The collaboration also promises to enhance fan engagement. Future developments include fan staking, where users can support films by investing in them directly. MoviePass also plans to offer on-chain rewards for users who engage with the platform, as well as opportunities to purchase digital collectibles, according to the release.
This is part of the larger Web3 movement, where digital assets are increasingly becoming part of everyday interactions, such as watching movies or participating in fandoms. MoviePass sees this partnership as a way to tap into a global moviegoing audience.
MoviePass CEO Stacy Spikes noted that Web3, the next phase of the internet built on blockchain technology, is crucial to expanding the movie experience. Fans will not only watch movies but also actively participate in the creative process by supporting films and earning rewards.
“Web3 is key to making moviegoing more accessible, and enabling it to reach a wider audience through deeper fan engagement and rewarding them through digital assets that can turn into physical value.”
