SUI Maintains an Upward Momentum with a 115% Rise 

SUI gained over 115% inside per week of launching USDC on the layer 1 blockchain. The combination of USDC has resulted within the development of the community enterprise and consumer base. Information on Coingecko reveals that the SUI worth rose from a low of $0.742 on September 2 to $2, a six-month excessive thus far. Nonetheless, the asset, as it’s at this time, has undergone a correction trading at $1.72 SUI/USDT on Gate.io. Though the worth is down 0.1% within the final 24 hours, it’s up 17.2% within the final 14 days. The next chart reveals the 7-day worth motion of SUI.

SUI weekly worth chart – Coingecko

Because the chart reveals, the asset is inside a range-bound market. On the finish of the chart there’s a bearish harami sample, indicating that SUI has robust bearish strain. At the moment, the cryptocurrency worth is 20.9% decrease than the all-time excessive of $2.17 reached on March 27 this yr. In distinction, the whole crypto market cap rose simply 4.4% to $2.15 trillion. However, Bitcoin gained 7.3% throughout the identical interval. Total, SUI’s astronomical worth enhance made it into the 30s^e largest winner throughout the interval.

SUI Meme Cash are gaining momentum

One issue that contributed to the latest worth enhance of SUI was the loopy meme coin on the blockchain. The truth is, the meme cash made important positive factors this previous week. Inside the 24-hour interval spanning October 3 to 4, the whole market capitalization of meme cash on Sui elevated by 15% to $256.3 million. Aaa cat (AAA) was one of many largest gainers throughout the week as its worth rose 430%. Throughout the identical interval, the worth of Suiba Inu (SUIB) elevated by 108%. Notably, Sudeng (HIPPO), the biggest meme coin on the SUI community, gained 35%. Consequently, its market capitalization rose to $126.4 million. The truth is, HIPPO is accountable for greater than half of the market capitalization of all meme cash on the blockchain.

Total, the SUI’s robust worth motion and the strong efficiency of associated meme cash have been a results of the market-wide constructive sentiment. For instance, there was related curiosity in meme cash on different blockchains, together with Solana, Base and The Open Community (TON). At the moment the trending meme cash are Simon’s Cat, Canine and Popcat. Nonetheless, many of the main meme cash are crimson on the time of writing.

Meme Coin Market Efficiency – Coingecko

As you may see within the desk, among the many high 8 meme cash, solely Popcat and Dogecoin have gained within the final 24 hours.

Sui community exercise is rising

One of many elements contributing to SUI’s latest robust worth motion was a surge in community exercise. This reveals that there’s a rising curiosity within the layer 1 blockchain. The truth is, there may be development in community improvement exercise and consumer involvement. The expansion in transaction quantity and decentralized functions (DApps) displays the curiosity within the community and its merchandise. The next graph reveals the change in buying and selling quantity on the community.

Transaction quantity on Sui-DefiLlama

Because the chart reveals, there was a rise in SUI buying and selling quantity since early October. Furthermore, the derivatives quantity elevated throughout that interval.

SUI Derivatives Quantity – Defilama

Because the chart reveals, the quantity of SUI derivatives has elevated for the reason that finish of August. For instance, SUI’s buying and selling quantity rose from $26.1 million on October 3 to $198.7 million on October 4, a 661% enhance.

One other vital improvement is that the whole worth of SUI (TVL) has elevated remarkably over the previous 30 days. The next chart reveals that greater than $1 billion value of belongings have been locked on the community.

TVL on Sui Community – DefiLlama

The rise in TVL signifies that consumer engagement and community interplay have improved in latest days. Normally, such developments lead to a pointy enhance in demand for the forex.

On a associated notice, SUI’s social dominance has additionally elevated in latest weeks. For instance, the nation’s social dominance elevated by 1.53% throughout the 24-hour interval spanning October 2-3. As a result of rise of social dominance, discussions about SUI are excessive. Nonetheless, generally this pattern reveals euphoria over the asset, which might result in Concern Of Lacking Out (FOMO). Excessive FOMO can subsequently point out a short-term market high. The next graph reveals the adjustments which have occurred in SUI’s social dominance in latest days.

Sui social dominance – Santiment

In brief, SUI’s social dominance has reached its highest level up to now yr. Nonetheless, it’s value noting that excessive FOMO can result in a worth correction.

SUI worth forecast

At the moment, SUI’s Relative Energy Index (RSI) reveals an overbought market scenario, indicating that the worth might fall within the close to future. Primarily based on the present SUI market situation, the worth might drop in the direction of $1.68 earlier than persevering with the uptrend. Nonetheless, a better distribution might push the worth additional in the direction of $1.42. However, a rise in shopping for exercise might pressure the worth to focus on $1.85, the very latest excessive. From there it might rise to $2.