Sui Soars 20% to Reach New Heights: What’s Behind the Layer-2 Network’s Success?

Sui’s price has surged by almost 20%, settling at around $5.13. This latest uptrend is part of a broader trend, with the popular layer-2 network experiencing an impressive 1,312% increase from its lowest level in 2023.

Market Performance and Ecosystem Growth

This remarkable growth has propelled Sui’s market capitalization to over $15 billion, making it the 13th largest cryptocurrency in the industry. The network’s Decentralized Finance (DeFi) ecosystem has also seen significant growth, with the total value locked reaching a record high of $1.96 billion. Key players in the DeFi ecosystem include Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.

Strategic Partnerships and Developments

Sui’s success can be attributed to several strategic partnerships with top companies, including VanEck, Grayscale, and Franklin Templeton. Grayscale’s launch of the Sui Trust has accumulated over $14 million in assets, while the incorporation of four stablecoins – USD Coin, AUSD, FDUSD, and USDY – has added a combined market capitalization of over $406 million. The launch of Deepbook V3, Sui’s native on-chain order book, has also seen a significant increase in trading volume, reaching over $1 billion.

The DEEP token has gained a market value of over $375 million, and the DEX ecosystem has handled over $46 billion in volume since its inception. Additionally, Sui’s futures open interest has soared to a record high of $963 million, a notable increase from the week’s low of $650 million.

Sui Price Forecast: What to Expect

Technical analysis suggests that the SUI token is set to continue its bullish trend. The daily chart shows that the token has been rising for four straight days, flipping the resistance at $5 into support. This has invalidated the double-top pattern, a popular reversal sign in the market. The 50-day moving average has also provided support, with the coin failing to move below it since September last year.

With a Z-score of the Market Value to Realized Value falling to 2.7, Sui is considered a relatively cheap coin. Technicals suggest that the SUI price will rise to the extreme overshoot of the Murrey Math Lines at $5.50. A move above this level could raise the odds of it moving to the next crucial level at $10.

As Sui continues to grow and develop, it’s essential to stay informed about the latest developments in the cryptocurrency market. Stay up-to-date with the latest news on Global Crypto News.

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