- The SUI token price is witnessing a decline in its market cap in the last 24 hours.
- The SUI crypto price has advanced by 140% from its all-time lows.
Sui is a decentralized blockchain that uses the Move language to enable object-centric data and composability. It is fast, scalable, and cost-efficient for various applications. Sui was created by Mysten Labs and its token, SUI, is used for gas fees, staking, and governance.
The trading volume of the SUI crypto has advanced by 19.9% in the last 24 hours resulting in a slight decline of 0.53% in the market cap. Moreover, the current market cap of the SUI token is $979.362M.
As per Coingecko, the market cap dominance of the SUI token is 0.054% resulting in a market cap ranking of #78. Also, the circulating supply of the crypto is 1.10B SUI, which is 11.01% of the crypto. The max supply of the crypto is 10.0B SUI and the fully diluted market cap of the crypto is $8.902B.
SUI Crypto Derivatives Analysis
With a long liquidation of $385.84K, the long/short ratio of the SUI crypto is 0.9581. It also has witnessed an advance of 32% in the derivatives trading volume resulting in $619.56M. The open interest has declined by 4.68% and it is valued at $108.43M.
SUI Crypto Technical Analysis
The SUI crypto price is consistently following an uptrend and has also broken above the rising wedge pattern formed on the charts. Following this breakout, the price of the crypto has led above the strong change of character level. It has resulted in a change of trend to bullish.
SUI/USD Chart by TradingView
Following a strong bullish price action the SUI token price has broken above the 50-day and the 200-day EMAs. It has led to a golden cross of EMAs on the charts resulting in a bullish signal for the price.
The RSI is also trading in an uptrend breaking above the 14-day SMA. The RSI is also currently trading at a level of 66.05 following a bullish cycle.
Conclusion
SUI is a decentralized blockchain project with a unique data model and a versatile token. The SUI crypto price has soared by 140% from its lows and has broken above several resistance levels. The technical indicators are bullish and suggest that SUI can sustain its momentum and reach new highs.
Thus, if the SUI token price sustains above the breakout levels, the crypto price can further lead to further higher levels.
Technical Levels
Support Levels: $0.500 and $0.6080
Resistance levels:$1.0690 and $1.1600
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.