SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible?

Christian Encila

1 year ago

3 mins read

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With the market at an extremely volatile position, SUI bears pushed their advantage forcing losses on the token’s holders. Despite strong developments on-chain, SUI still flashed red with over a whopping 23% losses since last week.

On-chain, SUI continues to solidify its position in the world of DeFi. However, with the market’s sway on the token, its short-term performance might be clouded by the fear, uncertainty, and doubt present in the market.

NFTs And Gaming Fuel Sui Development

DARKTIMES, an MMORPG game built on Sui, has announced that it will launch the game’s Alpha state will release later this year. The game has been in stealth development since 2021 according to the founder and CEO of DARKTIMES, Lucien Dormann, in an interview. Users will catch the playtest of the game at Korea Blockchain Week which will occur September 3-4 this week.

The battle draws nigh! 🛡️

36 combatants will enter. Only one can win.

Feast your eyes on the rich world of @playDARKTIMES 👀

Featuring seven medieval realms. Five deadly characters. And a trove of ownable assets.

All powered by Sui, for fast-paced action that never… https://t.co/28Hsjc8tza

— Sui (@SuiNetwork) August 30, 2024

This development came hand in hand with the recent announcement that SuiPlay OX1, the platform’s handheld gaming console, will officially be open to pre-order in the next ten hours. No spec sheet has been released yet, but the console will be available in 2025.

In the realm of NFTs, the platform has been chosen by Artifi, an art investment company, which is “to turn high-end art into another asset class that’s accessible to the masses.”

Ready / Sui // Play ➡️

😎”A gaming revolution”

Pre-orders for the #SuiPlay0X1 coming 👀very 👀 soon.👀 pic.twitter.com/LLIhTumWa6

— SuiPlay (@SuiPlayOfficial) August 29, 2024

The resurgence of NFTs on Sui came despite the asset class being under the scrutiny of the Securities and Exchange Commission (SEC) which alleged that NFTs are securities and is willing to bring the regulatory hammer down on Opensea. How will this affect the future of NFTs and NFT-based developments on Sui in the long term remains to be seen.

SUI market cap currently at $2.083 billion. Chart: TradingView

SUI To Return To Manageable Levels After Market Pressure

Despite the overall bearishness plaguing the broader market, investors and traders should remain optimistic. SUI is currently trading right between the $0.71-$0.79 trading range which lies well on the 61.80% level of the Fibonacci retracement tool, marking the significance of the range when it comes to the long-term performance of the token.

The token’s relative strength index (RSI) still signals that the bears overwhelm the market. However, SUI’s return to this level remains a bullish signal as the 61.80% level will provide the bulls with a strong support level to aid future price movement.

SUI’s strong correlation with major cryptocurrencies like Bitcoin and Ethereum will give the token the momentum it needs to recover in the medium term; that is if market sentiment flips to bullish within this timeframe. If the token stabilizes in its current trading range, SUI bulls should have the opportunity to retest and potentially break $0.96 in the long term.

Featured image from Chainwire, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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