Sui (SUI) Price Skyrockets 13% as Expanding Market Share Coincides With Bitcoin (BTC) Crossing $70K

Sui, a fast-growing Ethereum and Solana rival, went parabolic on Tuesday, Oct. 29, amid its expanding market share in key areas of the blockchain industry.

Ethereum and Solana competitor Sui (SUI) saw a parabolic rise on Tuesday, Oct. 29, as the token surged by 13%, retesting a key resistance point amid expanding market share in several key areas of the blockchain industry.

Sui token rose to $2.01, closely observing a crucial resistance point for the first time since Monday, Oct. 24.

The rally occurred as Bitcoin (BTC) crossed the significant $71,000 level and the crypto fear and greed index moved to the “greed” area of 60. Typically, altcoins like Sui perform well when there is a sense of greed in the crypto industry.

Data from CoinGlass showed that short sellers were liquidated for a total of over $3 million, the highest level since Oct. 16. Sui short sellers saw the most liquidations in the past 24 hours.

Meanwhile, open interest in the futures market rose to $516 million, up from last week’s low of $448 million.

Sui has seen rapid growth in recent months. According to data from DeFi Llama, decentralized exchanges on the Sui platform processed tokens valued at $4.47 billion this month, making it the seventh-largest chain in the sector.

This marks the first time that Sui has entered the top ten, highlighting the increasing adoption and liquidity on the platform.

Moreover, Sui has become a top ten blockchain in the decentralized finance industry, with a total value locked (TVL) of $944 million. Some of the largest decentralized applications (dApps) in the Sui ecosystem include NAVI Protocol, Suilend, Cetus, and Scallop Lend.

This growth is set to continue following the launch of Sui Bridge on Oct. 26 by the developers.

The bridge allows assets from other EVM networks to access Sui blockchain dApps like Cetus and Scallop.

This native solution is powered and secured by Sui tech – meaning it's safeguarded by the same validators that secure the network, ensuring your assets are transferred safely.

Learn more about Sui Bridge from the blog when it launched on Mainnet.

In other news, Sui is also becoming a major player in the gaming industry.

For instance, MemeFi, a leading Telegram gaming solution, announced plans to expand its solution on the Sui network.

The integration will enable Telegram users to access MemeFi's gaming features and NFT collections directly within the Sui ecosystem.

Sui price formed a hammer pattern

On the daily chart, Sui price looks poised for further upside in the coming months.

The token formed a golden cross pattern as the 200-day and 50-day moving averages crossed on Sep. 22.

Typically, a golden cross is considered a bullish technical analysis indicator, suggesting an uptrend may be starting or continuing.

It also formed a hammer pattern, characterized by a small body and a long lower shadow, which is a popular bullish reversal indicator.

Additionally, Sui has formed a cup and handle chart pattern. Therefore, it will likely continue rising, with the next target being the upper side of the cup at $2.185.

A break above that level could lead to further gains.