|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Sui Network (SUI) Market Analysis: Token Unlocks, Price Action and Future Outlook
Sep 04, 2024 at 01:00 pm
Sui Network [SUI], a leading non-EVM chain, is gaining significant traction in the cryptocurrency market. Known for its impressive transaction speed
Sui Network [SUI], a non-EVM chain, is making waves in the crypto market with its impressive transaction speed, even outpacing Solana. This has led to a growing Total Value Locked (TVL) for Sui Network, now surpassing $600 million.
The increasing TVL is positively impacting SUI’s price, making it a notable contender in the market. Recently, SUI has been trading above an hourly downward trend channel, indicating a potential shift in momentum.
According to X, the price action of the SUI/USDT pair on the 4-hour timeframe has shown bullish signs, especially from the falling wedge resistance zone. If this strong price action continues, it could signal a sustained bullish trend in the long run.
The price has already broken above the upper resistance of the hourly downtrend channel, but confirmation is still pending. However, the volume oscillator and large 4-hour candles suggest that momentum is in favor of further gains.
For traders, a long opportunity around the breakout level of $0.80 could offer a 25% return on investment if price reaches the $1 level.
Analyzing the hourly timeframe reveals that the stochastic RSI is in the overbought zone, indicating strong buyer confidence. This presents an opportunity to increase investments in this correction phase.
However, if the price of SUI/USDT falls below the $0.74 level, traders should exercise caution and reassess their next move, with $0.65 being a crucial support level to watch.
Examining the open interest of SUI/USDT reveals five critical zones where traders have shown significant interest or disinterest. The $0.825-$0.832 and $0.891-$0.898 zones have open interest readings of $14.59 million and -$12.409 million, respectively, indicating low trader interest.
On the other hand, the zones between $0.84-$0.847, $0.913-$0.920, $0.971-$0.978, and $1.066-$1.073 have attracted positive interest, with the $1 level being the most significant.
Moreover, the funding rates have turned positive, according to data from Coinglass. This metric indicates that long traders in SUI are paying those holding short positions, suggesting that the price of SUI in perpetual futures contracts is stable and aligned with its actual market value.
Monitoring vested tokens and future unlock events is crucial for making informed trading decisions. SUI is among several major projects set to unlock millions of dollars worth of tokens, which could lead to a selloff.
Other tokens with upcoming unlock events include IMX, NEON, WLD, MODE, ZEUS, and GAL, according to CryptoRank. While these unlocks often result in price drops, there is a possibility that this has already been factored into the current price, though uncertainty remains.
At press time, SUI had gained 2.5% on the hourly timeframe compared to Solana’s -0.03%, outperforming it in the short term. Over the daily timeframe, SUI showed a 7.77% increase, while Solana saw only 3.08% growth. Although Solana’s market cap is 30 times, time will tell if SUI can continue to close this gap.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Is Bitcoin a Risk-On or Risk-Off Asset? BlackRock Weighs In
- Sep 25, 2024 at 02:35 pm
- Robbie Mitchnick, Blackrock's head of digital assets, discussed his perspective on bitcoin during a Bloomberg interview on Tuesday.
-
- Bitcoin (BTC) Price Approaches Key Resistance Level That Could Define Its Next Major Trend
- Sep 25, 2024 at 02:35 pm
- Bitcoin's current price movements are stirring up discussions, as it approaches a key resistance level that could define its next major trend.
-
- The Cryptocurrency Market: Solana (SOL), Shiba Inu (SHIB), and Toncoin (TON) Capture Attention as Market Dynamics Shift
- Sep 25, 2024 at 02:35 pm
- The cryptocurrency market is once again capturing attention as significant movements in major coins hint at shifting dynamics.
-
- Cardano’s Voltaire-era governance overhaul prevents it from becoming a “dictatorship” like Ethereum and sidesteps the “anarchy” of Bitcoin, says founder Charles Hoskinson.
- Sep 25, 2024 at 02:35 pm
- Speaking to Cointelegraph in Singapore, Hoskinson attacked Ethereum’s current governance model, claiming that it relies far too heavily on its co-founder Vitalik Buterin for direction.
-
- Chinese Pools Still Control Majority of Bitcoin Hashrate
- Sep 25, 2024 at 02:25 pm
- According to metrics shared by Ki Young Ju, the founder and CEO of cryptoquant.com, mining pools in China currently dominate 55% of Bitcoin's network hashrate
-
- Bitgert, Floki Inu and Reef: Top Buys Right Now?
- Sep 25, 2024 at 02:15 pm
- As a bull run is expected in the crypto market in Q4, 2024, investors are looking for the most profitable options. As per experts, these three are set to deliver some massive returns: Bitgert, Floki Inu, and Reef.
-
- GoodEgg (GEGG): The AI-Driven Social Dating Meme Coin That's Capturing the Attention of Former Solana Whales
- Sep 25, 2024 at 02:15 pm
- In the rapidly shifting world of cryptocurrencies, new opportunities constantly emerge for investors and developers alike. Solana (SOL) has gained significant traction in the blockchain industry over the past few years, renowned for its speed and scalability. However, the spotlight is now turning towards GoodEgg (GEGG), a new AI-driven social dating meme coin that is capturing the attention of former Solana whales.
-
- Sky Reconsiders WBTC Offboarding Plan After New Recommendation From BA Labs
- Sep 25, 2024 at 02:05 pm
- Decentralized finance (DeFi) pioneer Sky, formerly Maker, is reconsidering its plan to offboard Wrapped Bitcoin (WBTC) as collateral for its lending protocol
-
- Marsh rues Zampa absence as Brook ton downs Australia
- Sep 25, 2024 at 12:20 pm
- England, chasing a tough-looking total of 7-304 headlined by another brilliant knock of 77no from Alex Carey, still ended up easing towards their target on 4-254