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BlockNews
Home CRYPTO

Sui Network Could Hit A New All Time High and Here is How

Michael Juanico by Michael Juanico
October 7, 2024
in CRYPTO
Reading Time: 4 mins read
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• SUI crypto price has surged by over 100% in the last month, inspiring confidence within the blockchain community
• Recent developments like increased value locked, token unlock event, higher network activity, and mainnet launch have contributed to SUI’s growth
• While SUI may target new all-time highs, investors could also consider investing in Crypto All-Stars (STARS) for potential exponential gains

SUI has seen significant growth over the last two months, surging almost 300%. This sudden increase has led investors and crypto analysts to make bullish predictions about where its price could go next.

JUST IN: $SUI (@SuiNetwork) is the biggest gainer within the top 100 cryptos by market cap 🚀 pic.twitter.com/uJG2jDonGI

— BlockNews.com (@blocknewsdotcom) October 7, 2024

SUI’s Impressive Two-Month Run

After bouncing from its low point of $0.48, SUI consolidated within the $0.80-1.10 zone for a month before breaking out in early September. Since then, its price has risen over 150% in the last month alone.

At the time of writing, SUI is trading around $1.60 after pulling back slightly from its recent high of $1.80. The previous consolidation zone of $0.80-1.10 and the recent peak act as key resistance levels in case of any pullback. SUI’s market cap now exceeds $4.5 billion.

Examining SUI’s Market Cycles

CryptoAmsterdam used SUI’s price action to demonstrate the typical market cycle stages and identify good entry points. The chart shows SUI consolidating in Stage 3, before surging upward into Stage 4. However, it first retested lows, dipping below previous levels to clear out weak positions before reclaiming its range.

Catalysts Behind SUI’s Growth

There are several likely reasons behind SUI’s impressive run:

  1. Increased Total Value Locked in SUI DeFi

SUI’s DeFi ecosystem saw its Total Value Locked (TVL) jump from $6.638 million to $10.5 billion by October 1st. Though it has pulled back slightly, this indicates surging interest in SUI DeFi.

  1. SUI Token Unlock Event

On October 1st, 6.419 million SUI tokens were unlocked, representing nearly 24% of total supply. This added significant buying pressure.

  1. More Network Activity

There has been a 140% increase in unique addresses interacting with SUI, signaling growing ecosystem activity.

  1. Sui Mainnet Launch

SUI got an added boost from the launch of its mainnet and native Sui bridge. This key milestone brought more attention.

SUI Price Prediction

Despite some corrections, the overall sentiment around SUI remains bullish after its recent developments. It seems entirely feasible for SUI to reclaim its all-time high or even set new highs in the coming months.

However, SUI’s large pullback candle is concerning. Multiple green candles are needed to reverse this slide and confirm the bullish outlook. For now, the $1.63 and $2.36 fib levels act as support. Breaking the $1.90 resistance is key for a move toward the all-time high.

An Exciting SUI Alternative: Crypto All-Stars

While SUI offers potential, its gains may be limited. Those seeking exponential returns could consider a pre-sale token like Crypto All-Stars (STARS) instead.

Trading at under $1, STARS offers early entry and a chance to unify meme coins. Its unique MemeVault also allows staking popular meme coins for big yields. Mainstream analysts have discussed its 100x potential.

So alongside SUI, STARS’ presale price and staking features provide both short and long-term profit potential.

Tags: cryptoCrypto All-StarsCryptoAmsterdamSui
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University. He has been a Content Writer since 2019, covering a wide range of topics. His interest in crypto began in 2021, eventually becoming his main focus. For almost four years, he has worked with Aiur Labs and holds BTC, TRON, and a few memecoins.

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