Sui, a prominent layer-2 blockchain network, has seen its price surge nearly 20% to trade at approximately $5.13. This significant increase has sparked excitement in the global crypto community.
Here are the key factors contributing to Sui’s rise:
1. Ecosystem growth: Sui’s Decentralized Finance (DeFi) ecosystem has expanded, with a record $1.96 billion in total value locked (TVL).
2. Strategic partnerships: Partnerships with top financial firms like Grayscale, VanEck, and Franklin Templeton have boosted Sui’s growth.
3. Stablecoin adoption: Sui now supports four stablecoins, collectively boasting a market cap exceeding $406 million.
4. Deepbook V3 launch: Sui’s native on-chain order book, Deepbook V3, has surpassed $1 billion in trading volume.
Technical analysis suggests:
1. Bullish momentum: Sui’s price action has been bullish, with the token flipping the $5 resistance level into support.
2. Undervalued: Sui’s Market Value to Realized Value (MVRV) ratio indicates it is undervalued compared to the market’s peak.
What to expect:
1. Price forecast: Sui’s price is expected to climb to $5.50, with a potential rally toward the $10 mark.
2. Continued growth: Sui’s ecosystem growth, strategic partnerships, and strong technical fundamentals suggest a bullish outlook.
Source: Nairametrics
