SUI Maintains an Upward Momentum with a 115% Rise 

SUI gained by over 115% inside one week following the launch of USDC on the layer-1 blockchain. The mixing of USDC has resulted within the progress of its community exercise and user-base. Knowledge on Coingecko reveals that the SUI value rose from a low of $0.742 on 2 September to $2, its six-month excessive to this point. However, the asset has had a correction as it’s presently trading at $1.72 SUI/USDT on Gate.io. Though its worth dropped by 0.1% inside the final 24 hours, it has gained by 17.2% inside the final 14 days. The next graph reveals SUI’s 7-day value motion. 

SUI Weekly Worth Chart – Coingecko

Because the graph reveals, the asset is inside a variety certain market. On the finish of the graph there’s a bearish harami sample which signifies that SUI has sturdy bearish strain. In the intervening time, the cryptocurrency value is 20.9% decrease than its all-time excessive of $2.17, attained on 27 March this yr. In distinction the entire crypto market capitalization elevated by solely 4.4% to $2.15 trillion. However, bitcoin gained by 7.3% throughout the identical interval. Usually, SUI’s astronomical value rise made it the 30^th largest gainer throughout the interval. 

SUI Meme Cash Good points Momentum 

One contributing issue to the latest SUI value surge was the meme coin loopy on the blockchain. Actually, the meme cash had important positive aspects throughout final week. Throughout the 24-hour interval that stretched between 3 and 4 October the entire market cap of meme cash on Sui elevated by 15% to $256.3 million. Aaa cat (AAA) was one of many biggest gainers throughout the week as its worth elevated by 430%. Throughout the identical interval the worth of Suiba Inu (SUIB) rose by 108%. Notably, Sudeng (HIPPO), the most important meme coin on the SUI community, gained by 35%. Because of this, its market capitalization surged to $126.4 million. Actually, HIPPO accounts for greater than half of the market capitalization of all meme cash on the blockchain. 

Usually, the SUI’s sturdy value motion and the sturdy efficiency of associated meme cash was a results of the market vast constructive sentiment. For instance, there was related curiosity in meme cash on different blockchains that embody Solana, Base and The Open Community (TON). Presently, the trending meme cash embody Simon’s Cat, Canine and Popcat. Nonetheless, most main meme cash are in pink on the time of writing. 

Meme Coin Market Efficiency – Coingecko

As you be aware within the desk, among the many prime 8 meme cash solely Popcat and Dogecoin gained inside the final 24 hours. 

Sui community exercise Surges

One of many components that has contributed to SUI’s latest sturdy value motion was a surge in its community exercise. That reveals that there’s rising curiosity within the layer-1 blockchain. Actually, there was progress within the community growth exercise and user-engagement. The expansion in transaction quantity and decentralized purposes (DApps) mirror the curiosity within the community and its merchandise. The following graph reveals the change in buying and selling quantity on the community. 

Transaction quantity on Sui- DefiLlama

As noticed on the graph, there was an increase in SUI buying and selling quantity for the reason that begin of October. As well as, the derivatives quantity has been rising throughout that interval. 

SUI Derivatives Quantity – Defilama 

As seen within the graph, the SUI derivatives quantity has been rising for the reason that finish of August. For instance, the SUI buying and selling quantity rose from $26.1 million on 3 October to $198.7 million on 4 October, representing a rise of 661%. 

In one other important growth SUI’s complete worth locked (TVL) elevated remarkably inside the previous 30 days. The next chart reveals that over $1 billion price of property had been locked on the community. 

TVL on Sui community – DefiLlama

The rise in its TVL signifies that user-engagement and community interplay have improved over the previous couple of days. Often, such developments lead to a surge within the coin’s demand. 

In a associated be aware, SUI’s social dominance has been on the rise as nicely throughout the previous few weeks. As an example, its social dominance elevated by 1.53% throughout the 24-hour interval that stretched between 2 and three October. The rise in social dominance implies that the discussions about SUI are excessive. Nonetheless, at instances that pattern reveals euphoria concerning the asset which can result in Worry Of Lacking Out (FOMO). Thus, excessive FOMO could point out a short-term market prime. The following graph reveals the adjustments that occurred in SUI social dominance prior to now days. 

Sui Social Dominance – Santiment

Mainly, SUI social dominance has been on the highest level throughout the present yr. Nonetheless, it’s price noting that excessive FOMO could result in a value correction. 

SUI Worth Prediction

At current SUI’s Relative Energy Index (RSI) is exhibiting an overbought market state, indicating that its value could fall within the close to future. Based mostly on the present SUI market state of affairs its value could drop in the direction of $1.68 earlier than persevering with with the uptrend. Nonetheless, greater distribution could additional push its value in the direction of $1.42. However, an increase in shopping for exercise could power its value to focus on $1.85, its very latest excessive. From there, it might improve in the direction of $2.