Sui, a fast-growing rival to Ethereum and Solana, saw a significant rise on Tuesday, Oct. 29, as it expanded its market share in key areas of the blockchain industry.

Sui Token Performance

The Sui token surged by 13%, retesting the crucial resistance point at $2.01 for the first time since Oct. 24. This rally coincided with Bitcoin crossing the significant $71,000 level, moving the crypto fear and greed index into the “greed” territory at 60. Generally, altcoins like Sui perform well when there is a sense of greed in the crypto industry.

Impact on Short Sellers

Sui’s rally led to a sharp increase in short seller liquidations. Data shows that short sellers faced liquidations worth over $3 million, the highest level since Oct. 16. Its open interest in the futures market rose to $516 million, significantly higher than the previous week’s low of $448 million.

Growth in Decentralized Exchanges

Sui has demonstrated significant growth in recent months. Decentralized exchanges on its platform processed tokens worth $4.47 billion in October, making it the seventh-largest chain in the sector. This marked the first time Sui entered the top ten.

Decentralized Finance Milestone

Sui has also become a top ten blockchain in the decentralized finance sector, with a total value locked of $944 million. Some of the leading dApps in its ecosystem include NAVI Protocol, Suilend, Cetus, and Scallop Lend.

Launch of Sui Bridge

The platform’s growth is expected to continue following the launch of Sui Bridge on Oct. 26. This bridge enables assets from other Ethereum Virtual Machine networks to access Sui’s blockchain dApps like Cetus and Scallop. This native solution is powered and secured by Sui tech, ensuring safe asset transfers.

Expansion into Gaming

Sui is also becoming a significant player in the gaming industry. For instance, MemeFi, a top player in Telegram gaming, announced plans to expand its solution on the Sui network.

Sui Price Analysis

The daily chart for Sui indicates further upside potential in the coming months. It formed a golden cross pattern as the 200-day and 50-day moving averages crossed on Sep. 22. Additionally, Sui formed a hammer pattern, characterized by a small body and a long lower shadow, a common bullish reversal indicator.

Moreover, Sui has formed a cup and handle chart pattern. Therefore, it is likely to continue rising, targeting the upper side of the cup at $2.185. A break above that level could lead to further gains.

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