Can SUI Price Skyrocket As Its Stablecoins Hit New ATH?

Key Insights:

• SUI price was pressing against the descending trendline, and it’s looking ready to pop.
• The market cap of stablecoins on SUI crypto hit a new ATH of more than $1.2B.
• How experts and institutions like Grayscale are viewing SUI crypto as Q3 unfolds.

SUI price action has benefited from the recent surge in the broader cryptocurrency markets with modest daily gains. Most altcoins saw exemplary trading volumes, indicating the Altseason may have begun.

With the altcoin deemed as the competitor to the Solana blockchain, the crypto is undoubtedly one to watch. SUI crypto is thriving on all fronts apart from price, but what is driving the surge, and will it be sustained?

Is A SUI Price Rally In Play?

For SUI price action as of press time, the structure pressed right up against the descending trendline. This indicated that it looked ready to pop.

If SUI crypto breaks out of the falling wedge, it signals a potential bullish reversal. The first price target in that scenario would be around $4.30. Upon striking this milestone, the price could further head toward $5. There, a surge higher would lead to a new all-time high.

Technically, the structure was clear, and the squeeze was tight, which made the move look imminent. Price squeezes usually lead to pushes depending on the direction of the breakout.

If SUI price failed to break out of the wedge, sideways movement could continue. This would render the thrust to the upside delayed if not invalidated.

An invalidation would lead the price to revisit the lower trendline support of the structure. However, SUI is more likely to rally, but why is that so?

What Are Experts and Institutions Saying About the SUI Price?

The odds for SUI crypto to rally continued to improve. The renowned analyst Daan Crypto Trades noted the same. The analyst highlighted that the altcoin only needed to stay above a key support level.

In his tweet, the expert said,

“$SUI – Has formed a solid higher low and is trading with some decent momentum. ~$3.1 should be held as support to keep the bullish structure alive.”

Analytically, the $3.10 level represented the last point where the price broke to turn into a correction phase. A successful retest of this reclaimed zone would validate the expert’s prediction.

Daan’s chart also showed that a break below the above level would increase the SUI price to $2.2. Also, it could fall below the $2 mark.

Apart from the expert’s bias, institutions were also involved in the SUI play. Grayscale, one of the biggest managers globally, placed SUI among the top cryptos to watch in Q3.

Additionally, Grayscale noted that the altcoin had the highest TPS theoretically, with a value of 120,000. It was almost double what Solana (SOL) had. TRON (TRX), Ethereum (ETH), and Cardano (ADA) followed with 2516, 119, and 18, respectively.

These views further stressed the prediction that SUI could pop, especially because institutions were biased. Markets don’t always follow technical targets with certainty. Various unpredictable factors can influence price movements.

What’s Driving SUI’s Stablecoin Market Cap

The stablecoin market cap on SUI crypto also hit a new ATH of $1.207 Billion. It was more than 223% on a Year-to-date scale.

The rising issuance of stablecoins on the SUI blockchain highlights growing trust and usage of the network. It’s particularly gaining traction for payment systems that rely heavily on fiat-backed digital assets.

Apart from their usage in payments, stablecoins can also be avenues of injecting liquidity into the markets. Markets, in most cases, move due to liquidity, which could be either targeting to liquidate or drive the price.

That said, SUI’s direction is only up in the long term. However, for the third quarter, challenges could arise, especially now that the wedge breakout has yet to happen.

Disclaimer

This article is for informational purposes only and provides no 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.