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.
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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.
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…
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