1200″ height=”686″ src=”https://ambcrypto.com/wp-content/uploads/2024/09/News-Articles-FI-Editors-2024-09-17T092021.362-1200×686.jpg” alt=”SUI Aptos” decoding=”async” fetchpriority=”high”/>
< img data-del="avatar" alt="Avatar" src="https://ambcrypto.com/wp-content/uploads/2024/08/1000236487-e1722845416520-80x80.jpg" height="48" width="48"/ >
factor
Published: September 17, 2024
Sui Network [SUI] has actually been making substantial strides, exceeding Aptos [APT] in essential metrics such as market cap, trading volume, and volume-to-market cap ratio.
SUI’s cost has yet to exceed Aptos, however that might alter quickly. As a non-EVM layer 1 blockchain, it is getting momentum amongst crypto lovers in spite of being a reasonably brand-new gamer, having actually gone into the marketplace in Q4 of 2023.
Source: Coinpare
SUI’s cost action is revealing strength regardless of the more comprehensive altcoin market, omitting Bitcoin and Ethereum, remaining in a drop at press time.
The crypto has actually broken out of its 2nd expanding wedge pattern within a period of 3 months, pressing the rate above $1.108 with strong volume.
The very first wedge pattern saw SUI’s cost rise over 145%, while the 2nd resulted in a 57% boost, equivalent to the high of the.
These combination patterns are indicating the capacity for a cost rally in the last quarter of the year, which might substantially benefit traders and financiers.
Source: TradingView
Presently, the bulls remain in control, and SUI is approaching its all-time high of $2.20. If SUI can break above the $1.20 level and preserve its momentum, it may set a brand-new all-time high this year, perhaps $4.
This cost action, together with the growing interest in the SUI community, suggests strong bullish capacity. Traders must carefully monitor this motion as momentum continues to develop.
Weekly crypto RSI heatmap
The weekly crypto RSI heatmap provides additional optimism for SUI. Total levels have actually gone up, with SUI being in the neutral zone, suggesting a balance of trading pressure.
The typical RSI throughout the marketplace sits at 41, leaving space for upside possible, although existing momentum stays modest.
Source: Coinglass
SUI environment memecoins growing
Furthermore, the SUI community is growing with memecoins, adding to its bullish belief.
In the previous 7 days, memecoins like BLUB have actually seen enormous gains, with its market cap escalating from under $4 million to $26 million, providing a 260X return for early financiers.
MEOW has actually attained over 50X gains, now sitting at a $3 million market cap.
These advancements recommend that SUI’s memecoins are generating more liquidity, which might drive the rate of SUI greater in the future.
Source: X
As the SUI community grows and memecoins continue to thrive, now is an outstanding time for traders and financiers to think about going into the SUI market.
Sensible or not, here’s SUI market cap in BTC’s terms
The continuous cost action,
2018, BidPixels