Sui, an emerging competitor to Ethereum and Solana, experienced significant growth on Tuesday, October 29, as it solidified its market position within the blockchain industry. The Sui token rose by 13%, retesting the critical resistance level of $2.01 for the first time since October 24.
This rally coincided with Bitcoin crossing the pivotal $71,000 mark and the crypto fear and greed index climbing to a “greed” level of 60. Altcoins like Sui often thrive in such market conditions characterized by investor optimism.
The surge in Sui’s price triggered a notable increase in short seller liquidations, with data from CoinGlass showing that liquidations exceeded $3 million, marking the highest level since October 16. The open interest in the futures market for Sui has also risen to $516 million, significantly up from last week’s low of $448 million.
Remarkable Growth and DeFi Expansion
Sui has demonstrated impressive growth in recent months. According to data from DeFi Llama, decentralized exchanges on its platform processed tokens worth $4.47 billion this month, making Sui the seventh-largest blockchain in this sector. October marked the first time Sui entered the top ten chains for decentralized finance.
With a total value locked (TVL) of $944 million, Sui has secured its place among the top ten blockchains in the DeFi space. Prominent decentralized applications (dApps) in its ecosystem include NAVI Protocol, Suilend, Cetus, and Scallop Lend.
This upward trajectory is expected to continue, especially following the launch of Sui Bridge on October 26. This bridge facilitates the transfer of assets from other Ethereum Virtual Machine (EVM) networks to Sui’s blockchain dApps, enhancing interoperability.
Emerging Player in Gaming
In addition to its DeFi success, Sui is making strides in the gaming sector. For instance, MemeFi, a leading player in Telegram gaming, has announced plans to expand its solutions on the Sui network.
Technical Indicators Point to Further Upside
From a technical perspective, Sui’s daily chart suggests potential for continued growth in the coming months. The token has formed a golden cross pattern, where the 200-day and 50-day moving averages crossed on September 22. Additionally, it has formed a hammer pattern, characterized by a small body and a long lower shadow, which is considered a bullish reversal signal.
Furthermore, Sui has established a cup and handle chart pattern, indicating that it is likely to continue rising, with the next target being the upper boundary of the cup at $2.185. A breakout above this level could pave the way for further gains.
