Sui’s 1,312% Surge and DeFi Success

With a 20% increase, Sui is back on its powerful Surge and DeFi Success forward path. Its price was hovering about $5.13 as of Saturday’s last check. Not at all: 8.11% The popular layer-2 network Sui has soared 1,312% from its 2023 low, making it one of the top-performing cryptocurrencies.

Because of its success, its market capitalization has risen to over $15 billion, placing it as the thirteenth largest cryptocurrency. The entire value locked in Sui’s Decentralized Finance ecosystem reached a record high of $1.96 billion, coinciding with the ecosystem’s worth. Among the DeFi ecosystem’s most prominent participants are Suilend Protocol, Aftermath Finance, Cetus, NAVI Protocol, and Scallop Lend.

Sui’s Growth Partnerships and Market Surge

Additional growth came for Sui due to significant agreements with industry heavyweights such as Grayscale, VanEck, and Franklin Templeton. As an example, Grayscale established the Sui Trust, which now has assets of over $14 million. It is possible that the firm will file for a spot on Sui Surge and DeFi Success if the Securities and Exchange Commission’s stance on crypto ETFs changes under Paul Atkins.

Furthermore, Sui has achieved even more success, catapulting it to new heights. With a total market cap of more than $406 million, it incorporates four stablecoins: USD Coin, AUSD, FDUSD, and USDY. Trading volume increased to more than $1 billion after the launch of Deepbook V3, its native on-chain order book. The value of the DEEP cryptocurrency has surpassed $375 million on the market.

Sui DEX $46B Volume and Rising Token Value

In the meanwhile, Sui’s DEX ecosystem has been a success, processing more than $46 billion in volume since it started. According to further data, the open interest in Sui’s futures reached a new high of $963 million. This is a significant rise from the $650 million low this week and an indication that SUI’s token is becoming more popular among investors.

As seen on the daily chart, the SUI token has been trending upwards this year. The token’s price has risen above $5 and is currently regarded as resistance. The coin’s action rendered the perilous double-top pattern, with a $4 neckline, useless. One common indicator of a market reversal is a double top.

SUI Price: Bullish Trend and $10 Potential

Since September of last year, the Sui price has not fallen below the 50-day moving average. The coin is also inexpensive, with a Z-score of 2.7 for the market value-to-realized value ratio. When a cryptocurrency’s Z score is 3.8, it is considered to be very expensive. So, according to the technicals, SUI will go up until it wildly exceeds the $5.50 mark, which is the Murrey Math Lines. Moving above that level increases the chances of reaching the next critical level, $10.

Summary

A remarkable 20% surge and a new all-time high in Surge and DeFi Success market value (now over $15 billion) have marked Sui’s triumphant return to the cryptocurrency market. The value locked in its DeFi network has reached an all-time high of $1.96 billion, indicating substantial growth. Cooperation with industry heavyweights like Grayscale and VanEck adds weight to Sui’s reputation and future prospects.

With over $46 billion in volume processed by the platform’s DEX ecosystem, and rising open interest in Sui’s futures, the platform’s token is attracting more and more investors. Sui might climb beyond the $5.50 barrier, with $10 being the next crucial objective, thanks to solid technicals and a Z-score suggesting it’s still undervalued.

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