SUI Soars 50%, Analyst Eyes 190% Price Rally – Details

Christian Encila

10 months ago

3 mins read

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Popular cryptocurrency analyst Jonathan Carter has noted that Sui is witnessing an amazing rise in the crypto market. The digital asset drew a lot of interest since it surged about 50% in seven days. Carter sees the coin notching a solid 190% price rally if all the positive elements fall into place.

Sui’s network shows more than just pricing activity since it has used its technical ability to handle transactions six times faster than Solana. Thanks to its competitive technology, Sui is considered as a budding star in the crypto industry.

This upward trend does not appear to be a temporary anomaly. In a linear fashion, SUI has increased by 15% over the past 30 days. In a market that is notorious for its extreme volatility, to observe such consistent growth is exceedingly rare. The market closely monitors Sui as it establishes itself as a dominant force in the blockchain sector.

#SUI

Token has surged from its lower support of the ascending channel, and breaking above the descending triangle👀

Price now sits above the $0.92 level, eyeing upper resistance levels📈$SUI have potential to reach $2.60 if bullish momentum continues🎯 pic.twitter.com/TesBvI5JFU

— Jonathan Carter (@JohncyCrypto) August 13, 2024

Strong Price Performance

The current price of SUI stands at $0.8899, with its trading volume over the past 24 hours at $1.38 billion. The crypto asset has fallen slightly by 5% in the past day but generally, it is doing good. This fall is seen more as a normal fluctuation within a market that was due to trend upwards, so it’s not an alarming event.

Although it may look like nothing compared to industry behemoths such as Bitcoin or Ethereum, these figures are nothing shy of amazing for a relatively young market competitor. With a market capitalization of $2.3 billion, this token has a 0.10% dominance in the market.

Technical Analysis

Carter sees SUI as a buy. According to Carter, the token has broken out recently from a descending triangle pattern, proving its resilience. For traders, this is an indication that SUI is about to go higher. Carter believes SUI might hit $2.60 if the current price trajectory continues.

SUI is currently trading at $0.89. Chart: TradingView

SUI Technological Edge

However, it is not solely the price that is causing a stir. Additionally, the technical capabilities of the SUI network are garnering attention. The Layer 1 architecture of the platform has successfully processed an impressive 297,000 transactions per second (TPS), attaining transaction finality in a mere 390 milliseconds. That is significantly quicker than the majority of its competitors, including Solana.

No L1 is faster than SUI

This video compares swaps on Jupiter (Solana) and KriyaDEX (Sui).

Results:

– Solana: 4.45 seconds
– Sui: 0.73 seconds

Sui was 6x faster in this test.

Credits: @MrBreadSmith pic.twitter.com/Zg485fC1nX

— StarPlatinum (@StarPlatinumSOL) August 12, 2024

Actually, a recent test showed Sui to be six times faster than Solana. Clearly, Sui is one of a kind in the DeFi space due to its speed and low fees. It does not come as a shock that the network currently ranks third among non-EVM chains by TVL and within the top 13 by DeFi volume.

Sui is becoming a major player in the crypto market as it continues to develop. It is a token to observe due to its combination of cutting-edge technology and robust price performance. Carter’s forecast of a prospective increase to $2.60 introduces an additional layer of anticipation to the equation.

Featured image from Mirror.xyz, 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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