Sui, often referred to as the ‘Solana killer,’ has seen significant gains in recent weeks, positioning itself as one of the top-performing tokens in the cryptocurrency market.

Sui Network’s Impressive Performance

The native currency of the Sui Network ecosystem has experienced a notable increase over the past four days. It was trading at $0.9820, marking its highest level since August 27, and has surged by over 100% from its lowest point in August. In comparison, Bitcoin has risen by 10% during the same period.

Sui’s recovery has occurred within a high-volume trading environment. Data indicates that the coin’s volume in the spot market has been gradually increasing, reaching over $413 million on September 8, the highest since August 24.

Rising Futures Market Interest

Additionally, Sui’s open interest in the futures market has increased for six consecutive days, reaching its highest point since August 13. It now stands at over $228 million, significantly higher than last month’s low of $130 million.

Positive Fundamentals for Sui

Sui has also shown strong fundamentals. Its weekly DEX volume exceeded $222 million, ranking it as the tenth-largest chain for decentralized exchange platforms. The most active DEX platforms on Sui include Cetus, DeepBook, Turbos, and Kriya. The monthly volume has risen for three consecutive months, hitting $1.35 billion in August.

Upcoming Developments

Several developments are happening behind the scenes for Sui. SuiPlay, the first Web3-native handheld gaming device, is set to launch in the first half of next year, with pre-orders available at $599. Furthermore, the Mysticeti upgrade has led to faster settlements, enhancing Sui’s blockchain performance.

With the release of Mysticeti, Sui Core is providing the fastest settlement finality for both owned and shared object transactions.

Technical Analysis of Sui Price

Technically, Sui is approaching a key resistance level at $1. It has formed an inverse head and shoulders chart pattern, a common bullish reversal signal. The coin has also crossed the 23.6% Fibonacci Retracement level, turning it into a support, and has risen above the 50-day moving average.

Sui is expected to continue its upward momentum, with the next target being $1.1154, its highest swing on August 12, and the 38.2% retracement point.

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