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.
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.
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
#CryptocurrencyMarketNews, #Altcoins, #Bitcoin, #Crypto, #Solana, #SUI