Will SUI Explode To Higher Levels And Advance Its Dominance?

SUI coin is a decentralized layer 1 blockchain designed from scratch. It treats the object as a first-class citizen, propelling composability. The coin was created by Mysten lab’s Sui emanates. The coin came up with its ICO in 2023.

Sui has launched SUI Mainnet, a decentralized, permissionless network built to support web3 for billions of users. SUI has its own programming language known as SUI Move. In order to do the development on SUI one needs to learn its language.

The market cap of the SUI coin has advanced by 1.64% in the last 24 hours but the volume has declined. The current volume/market cap ratio of the coin is 11.98%. This indicates the amount of crypto being traded out of the overall market cap. SUI has a total supply of 10.0B SUI and the circulating supply is 791.77M SUI.

SUI Token Price Technical Analysis

Will SUI Explode To Higher Levels And Advance Its Dominance? — Source: Tradingview : SUIUSD : COINBASE

The price is consistently declining following a downtrend from the higher levels. The price of the coin is currently consolidating and making indecision candles.

The SUI coin price is trading below the 50-day EMA. The RSI for the coin is also declining trading below the 50 level. This indicates sheer weakness in the coin’s price.

SUI Derivative Volume Analysis

The crypto does not show any significant change in the derivative volume of the crypto. The coin’s volume has advanced by +3.70% and the open interest has also advanced by 7.17%. The crypto showed huge volume activity in August 2023, since then there has been no huge advance in the volume of the crypto.

Conclusion

The SUI has recently launched Mainnet but there is no significant change in the coin’s price. SUI is also following a downtrend on charts. The EMA and the RSI are also negative on the charts.

Therefore the price of the crypto is expected to decline to lower levels in the upcoming days unless it breaks above the level of $0.6230.

Technical Levels

Support levels for the SUI Coin are: $0.400 and $0.350
Resistance levels for the SUI Coin are: $0.6230 and $0.8910

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.