Lưu trữ cho từ khóa: Sui

Công nghệ

Blockchain Sui to add support for native USDC

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Sui will soon integrate native USDC and CCTP, boosting its blockchain’s liquidity and cross-chain transaction capabilities.

Sui Network, a layer-1 blockchain, is set to integrate native USD Coin (USDC) and the Cross-Chain Transfer Protocol in an effort to enhance its scalability and interoperability.

In a press release on Sept. 17 shared with crypto.news, the Sui team said the integration will allow the network’s users and developers to leverage USDC for various digital dollar-backed financial products, including applications in decentralized finance, gaming, decentralized physical infrastructure networks, and e-commerce.

“Sui will collaborate with ecosystem apps to transition liquidity from bridged USDC to native USDC gradually, while Wormhole’s Portal bridge will continue operating as usual.”

Sui

Circle to help builders deliver blockchain utility

Prior to the launch of native USDC, the Ethereum-bridged version will be renamed “wUSDC” on block explorers, the press release reads. Circle’s chief product officer Nikhil Chandhok expressed enthusiasm about supporting Sui’s developer and user community, saying Circle “will help more builders deliver blockchain based utility and contribute to efficient payment experiences on Sui and across other ecosystems.”

The addition comes just a week after Grayscale opened its Sui Trust to qualified investors, providing exposure to Sui and other cryptocurrencies, and further expanding Grayscale’s product offerings.

Sui, currently the 27th largest cryptocurrency by market capitalization with $2.4 billion, has seen a rebound in its total value locked. After a significant drop from $1.08 billion in May 2024 to $516 million in early August, Sui’s TVL has increased to over $700 million, making it the 10th largest chain by total value locked, per data from DefiLlama.

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DeFi

SUI hits monthly highs as Grayscale opens Sui Trust to accredited investors

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Sui recorded an impressive bullish run last day propelled by Grayscale’s recent move to open its Sui Trust to accredited investors.

Sui (SUI) registered a 17% price surge over the past day — rising from $0.74 on Sep. 2 to a monthly high of $1.05 earlier today. The token is also up by 27% in the past 7 days.

Following the price hike, SUI’s market cap surpassed the $2.75 billion mark — making it the 34th-largest crypto asset — with a daily trading volume of roughly $451 million.

One of the key drivers behind SUI’s recent price surge is Grayscale’s decision to open its Sui Trust to accredited investors. As one of the leading digital asset managers, Grayscale’s backing adds a layer of credibility, drawing institutional interest toward Sui.

At the same time, a broader market rally, marked by a rise in global cryptocurrency market capitalization from $2.08 trillion to $2.26 trillion on Sep. 12, has further fueled positive sentiment, boosting SUI’s upward trajectory.

Bulls dominate as SUI gears for price rally

Looking at data from Coinglass, the total open interest for SUI jumped from $212 million to $275 million, a rise of over 40% in the past 24 hours. Further, SUI’s aggregated funding rates have jumped to positive 0.0086%, denoting a shift in market sentiment. 

The dominance of long-position holders over short-position holders hints at optimism among traders, betting on a potential price surge for SUI.

SUI price, RSI, and MACD chart | Source: crypto.news

SUI’s Relative Strength Index currently stands at 65, indicating that the token can still see some gains before reaching overbought levels, which may signal potential consolidation or minor pullback if it reaches higher levels.

Positive momentum is also evident when looking at the Moving Average Convergence Divergence, with the MACD line trending above the signal line and both moving upward, reinforcing the ongoing bullish trend. Accompanied by rising trading volume, this is indicative of strong buying interest and suggests potential for further price increases in the short term.

Key levels to watch include potential resistance around the $1.10 mark, which could pose a challenge for further gains. If the price breaks past this level, a stronger rally may follow. On the downside, the $0.90 level is acting as support. A drop below this could signal a possible reversal to $0.70 or a consolidation phase as confirmed by crypto analyst Hov.

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Phân tích

Sui token forms a bullish pattern, nears a pivotal price

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Sui, the so-called ‘Solana killer,’ has done well in the past few weeks, making it one of the best-performing tokens in the industry.

The native currency of the Sui (SUI) Network ecosystem has risen in the past four consecutive days. It was trading at $0.9820, its highest swing since Aug. 27, and jumped by over 100% from its lowest point in August.

Bitcoin (BTC) is up by 10% in the same period. 

Sui’s recovery has happened in a high-volume environment. Data by CoinGecko shows that the coin’s volume in the spot market has been in a slow increase. The volume jumped to over $413 million on Saturday, Sept. 8, its highest level since Aug. 24. 

Additionally, as shown below, Sui’s open interest in the futures market has risen in the last six consecutive days, and is hovering at its highest point since Aug. 13.

It stood at over $228 million, higher than last month’s low of $130 million.

Sui futures open interest | Source: CoinGlass

Sui has also had some other positive fundamentals. Its weekly DEX volume stood at over $222 million, making it the tenth-biggest chain for DEX platforms. Its most active DEX platforms were Cetus, DeepBook, Turbos, and Kriya. Its monthly volume rose for three straight months, reaching $1.35 billion in August. 

Meanwhile, a lot has been going behind the scenes. For example, SuiPlay, the first Web3-native handheld gaming device, will launch in the first half of next year. The device has opened for pre-orders with a price tag of $599. 

There’s also Mysticeti, an upgrade that has led to faster settlements as it continues building a case on why it is a better blockchain than Solana. 

Sui price nears a key level

Sui price chart | Source: TradingView

Technically, Sui is nearing the psychologically-important resistance point at $1. Additionally, it has formed an inverse head and shoulders chart pattern, which is a popular bullish reversal sign. 

The coin has also crossed the 23.6% Fibonacci Retracement level, turning it into a support. It has also jumped above the 50-day moving average.

Expect Sui to continue rising, with the next point to watch being at $1.1154 — its highest swing on Aug. 12 — and the 38.2% retracement point.

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Phân tích

Sui token faces pressure, yet analysts say it could flip Solana

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Sui token has suffered a harsh reversal, falling for three consecutive days, and erasing most of the gains made last week. 

Sui (SUI) retreated to $0.90 on Tuesday, Aug. 27, down by 20% from its highest point last week, pushing its market value to $2.3 billion.

Its retreat happened as Bitcoin (BTC) lost momentum and dropped to $62,000. Other assets that rallied after Jerome Powell’s dovish tone have also pulled back, with the Nasdaq 100, S&P 500, and Russell 2000 indices falling by over 30 basis points on Monday.

Sui, like most tokens in the Binance launchpool, has not lived up to its hype as it has crashed by almost 60% from its highest point this year.

Still, its supporters believe that it will overtake Solana (SOL) in key metrics like market capitalization, Decentralized Finance total value locked, and general developer activity.

They argue that Sui’s blockchain is significantly faster than Solana’s and has much lower transaction costs.

Most notably, they claim that Sui is a better alternative because Solana has become highly congested due to its popularity among DeFi, meme coins, and Decentralized Public Infrastructure developers. The case for using Sui for DePIN developers was recently made by Tim Kravchunovsky, the creator of Chirp, a DePIN for telecoms.

Sui has a long way to go to catch Solana, the fifth-biggest cryptocurrency with a market cap of over $71 billion. Data from DeFi Llama shows that Solana has over $5.7 billion in DeFi assets and almost $4 billion in stablecoins. Solana is also the second-biggest chain in terms of DEX volume after Ethereum (ETH).

Sui, on the other hand, has $652 million in DeFi assets and just 38 dApps. It also has $373 million in stablecoins, much lower than what Solana has. Additionally, Sui’s DEX volume in the last seven days was $222 million, while Solana had $5.96 billion.

To be fair, Sui is still in its growth phase as it was launched in 2023, while Solana has been around since 2020.

Another concern about Sui is that it has more token unlocks to go. Data shows that Sui has a maximum supply limit of 10 billion $SUI tokens, of which 25%—or 2.6 million—have been unlocked. Meanwhile, 80% of all SOL tokens have been unlocked, meaning lower future dilution.

Sui price moved above the 50 EMA

Sui price chart | Source: TradingView

Meanwhile, Sui token has pulled back recently after forming a double-top chart pattern at $1.056, with the neckline at $0.8051. In most cases, a double-top leads to a strong bearish breakout.

On the positive side, Sui token remains above the 50-day moving average and has formed an inverse head and shoulders pattern. The ongoing retreat also happened after it retested the 23.6% retracement point.

Therefore, technically, a bullish breakout cannot be ruled out. This view will be confirmed if the price moves above the double-top point at $1.056.

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Theo Crypto News

Phân tích

Chart of the week: Aave and Sui predictions hit the mark

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The Chart of the Week series has consistently delivered accurate predictions, and the past two weeks’ focus on Aave and Sui is no exception. Both tokens moved as anticipated, allowing traders to hit profit targets and realize substantial gains.

Aave smashes all 4 profit targets

From August 2 to August 5, Aave’s price action followed the pattern we predicted, hitting all four profit targets within just three days.

Source: TradingView

The $115 resistance level has a history of acting as a strong barrier for Aave. ​​Our analysis suggested that this resistance would hold, and Aave would likely face a pullback. Traders who followed our guidance and entered a short position around the $115 mark saw major returns as Aave declined by -21.74%. 

Source: TradingView

Sui Hits $1

Sui presented a different opportunity, with our analysis identifying a potential for upward movement. For traders who followed our advice and used the hourly chart to time their entry, an optimal position could have been taken around 10:00 AM UTC on August 10 at $0.88.

Source: TradingView

Again, by Monday, in just three days, the price action hit both profit targets at $0.9271 and $1.00, resulting in a 13.64% gain for those who exited at the second target.

Source: TradingView

Conclusion

The effectiveness of the Chart of the Week analysis will continue to manifest in the long term, but the prediction success rate currently stands at 92.31%, with 12 out of 13 trades being successful. Stay tuned for future analysis each Friday.

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Phân tích

Sui surges 83% in 7 day trading, short traders expect downfall

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Sui recorded an impressive bullish run last week as the broader crypto market saw a rebound. But traders now expect a price correction for the asset.

Sui (SUI) registered an 83% price surge over the past seven days — rising from $0.50 on Aug. 5 to a two-month high of $0.95 earlier today. The asset is up by 5.8% in the past 24 hours and is trading at $0.94 at the time of writing.

SUI price – Aug. 12 | Source: crypto.news

Notably, SUI is currently the only cryptocurrency among the leading 100 to record bullish gains over the past day.

Following the price hike, SUI’s market cap surpassed the $2.4 billion mark — making it the 30th-largest crypto asset — with a daily trading volume of roughly $400 million. 

One of the main reasons behind SUI’s price surge could be the launch of the Grayscale investment trust for the asset on Aug. 7. Another could be the market-wide rebound as the global crypto market capitalization surged from $1.9 trillion to $2.07 trillion on Aug. 6.

According to data provided by Santiment, the SUI total open interest dropped from $360 million to $341 million over the past 24 hours. The decline came after SUI saw $4.25 million in liquidations in a day.

SUI price, open interest and funding rate – Aug. 12 | Source: Santiment

Following the impressive price surge, data from the market intelligence platform shows that the total funding rates aggregated by SUI have plunged to negative 0.0048%. The indicator shows that the amount of short-position holders is currently dominating long-position holders. 

At this point, the majority of the traders are betting on SUI’s price fall.

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Theo Crypto News

Phân tích

Chart of the week: Сloser look at SUI’s price action

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Sui has surged by 38.57% since last Friday due to positive market developments and major news. Grayscale Investments launched two new crypto investment trusts, one including Sui, which boosted investor interest.

Additionally, macroeconomic factors, such as the market’s recovery from a recent Yen rate hike and a selling spree by Jump Trading, contributed to Sui’s rise (SUI). These factors have led to a strong rally, raising the question of whether Sui can sustain this momentum or if a pullback might occur.

Supply dynamics

Sui has a high inflation rate, with its supply rising rapidly. This is particularly relevant as token unlocks can lead to downward pressure on the price. Fortunately, the upcoming unlock, which accounts for 2% of the total supply, is still 22 days away. Traders planning to exit before this event may not need to worry about its immediate impact.

Downtrend and parallel channel

Since late March, Sui has been stuck in a pronounced downtrend, shedding over 61% of its value. From mid-April, the price action formed a parallel channel, which has acted as both support and resistance, containing the price movement within its bounds. At present, Sui is trading near the upper boundary of this channel, where it encounters resistance. A critical support level to watch lies around $0.60, where the midline of the channel coincides with previous historical support.

Fibonacci retracements

Applying Fibonacci retracement from the March high to the August low, we pinpoint a key resistance level at $0.8681. The level also coincides with the upper boundary of the parallel channel and has historically acted as both support and resistance.

Additionally, a convergence of two macro Fibonacci retracements occurs at $0.75: the 78.6% retracement from Sui’s October 2023 low to its March 2024 high and the 23.6% retracement from its initial trading price in May 2023 to August 2024 low. Moreover, the $1 level, which has proven to be a major resistance and volatility zone, aligns with a golden pocket from the latter Fibonacci retracement.

Strategic considerations

Bullish scenario. Should SUI break out above the $0.8681 resistance level and hold above it on a retest, this could trigger a long entry. Key profit-taking targets would then be at $0.9271 and $1.00, where the next major resistance lies.

Bearish scenario: Despite the recent bounce in the market, the current rally may be overextended, which suggests a potential pullback. The unresolved yen carry trade situation and historically bearish seasonality in August add downside risk. If SUI fails to clear the $0.8681 resistance and instead faces rejection at this level, this would be a signal to short. Targets are $0.75 and $0.60.

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Theo Crypto News