Sui flips Aptos: Key metrics signal potential price surge

SUI

As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. However, the current momentum of Sui Network [SUI] is particularly captivating.

The SUI Network (SUI) has been progressing at a rapid pace, outperforming Aptos (APT) in crucial areas like market capitalization, trading volume, and the ratio of trading volume to market cap.

As a researcher following the crypto space, I’ve noticed that while SUI‘s price hasn’t outpaced Aptos yet, its trajectory suggests it might soon. Being a non-EVM layer 1 blockchain and a fresh entrant into the market in Q4 of 2023, SUI is garnering attention among crypto enthusiasts, positioning itself as an intriguing newcomer in the industry.

Despite the wider altcoin market, not including Bitcoin and Ethereum, experiencing a downward trend currently, SUI‘s behavior remains robust and demonstrates resilience in its price action.

In the past three months, the cryptocurrency has burst free from its second widening trend line formation, known as a broadening wedge pattern. This breakout has propelled the price beyond $1.108 with substantial trading activity.

Initially, the first wedge shape in SUI‘s pricing chart triggered an upward jump of approximately 145%. In contrast, the second pattern led to a rise of about 57%, which matched the peak achieved during the initial surge.

The observed pattern suggests that there might be an upward price movement towards the end of the year, a development that could potentially yield substantial profits for traders and investors.

At present, the market trend favors the bulls, and Switcheo Network (SUI) is nearing its record peak of $2.20. If SUI manages to surge past the $1.20 mark and sustain its momentum, it could potentially set a fresh record high this year, with a potential price point of around $4.

The increasing enthusiasm around the SUI ecosystem, combined with these price fluctuations, suggests a robust upward trend. Keep a close eye on these developments as they gather speed and momentum.

Weekly crypto RSI heatmap

The weekly crypto RSI heatmap offers further optimism for SUI. Overall levels have moved up, with SUI sitting in the neutral zone, indicating a balance of buying and selling pressure.

As a researcher, I’m observing that the average Relative Strength Index (RSI) throughout the market is currently hovering around 41. This suggests there might be some scope for further upward movement, but it’s important to note that the current momentum remains relatively subdued.

SUI ecosystem memecoins booming

Additionally, the SUI ecosystem is booming with memecoins, contributing to its bullish sentiment.

Over the last week, coins categorized as memecoins such as BLUB, have experienced significant growth. The market value of these coins has soared, with BLUB’s rising from approximately $4 million to an impressive $26 million. This surge in value represents a staggering 260-fold return for early investors who had initially invested in the coin.

Similarly, MEOW has achieved over 50X gains, now sitting at a $3 million market cap.

It appears these advancements indicate an increase in liquidity for SUI‘s meme tokens, potentially leading to a rise in SUI’s price in the coming days.

With the expansion of the SUI ecosystem and the ongoing popularity of meme coins, this could be a great moment for traders and investors to explore investing in the SUI market.

Realistic or not, here’s SUI market cap in BTC’s terms

Based on the current market trends and significant advancements within the system, there’s a hint that we might witness an upward trend (bullish run), potentially reaching fresh record highs.

Keep a close eye on SUI’s next moves, as this cryptocurrency is positioned to climb higher.

2024-09-17 09:12

Weekly crypto RSI heatmap

SUI ecosystem memecoins booming

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