- Summary:
- SUI price has risen courtesy of tremendous growth in the Sui blockchain ecosystem. It is already taking aim at Solana, but how far is it?
SUI price once again came within touching distance of its all-time-high price of $2.17 but ran out of steam. The token hit an intraday high of $2.13 on Tuesday, slightly below Monday’s high of $2.16, both of which were less than 2 percent below the ATH. However, the token moved below the psychological $2.00 mark, trading at $1.99, having declined by -1 percent at the time of writing, sending a warning signal.
The crypto asset has had a scintillating run in the last month, gaining 124 percent during that period. In addition, the Sui blockchain registered a major milestone on Monday when its transaction volume surpassed Solana’s. This has triggered talk that Sui could go all the way and displace Solana in the race to dethroning Ethereum.
SUI recently implemented the Mysticeti upgrade, which substantially enhanced its transaction efficiency. According to the project team, it is now capable of executing a transaction in 390 milliseconds. Furthermore, it has registered notable success in the DeFi space, with its Total Value Locked (TVL) rising by more than 61 percent in the last month to clock the $1 billion mark this week.
As things stand, it is likely that SUI will have another go at the all-time high. Despite the decline registered today, the SUI price has a strong bullish momentum that will likely provide support against extended losses.
SUI price prediction today
SUI pivots at 2.01 and the downside will prevail if resistance persists at that level. In that case, the first support is likely to come at 1.95, but a stronger downward momentum could break below that level to test 1.90.
On the other hand, a move above 2.01 will signal bullish control, with initial resistance likely to come at 2.05. However, the bulls could break above that mark if they extend their control. That would invalidate the downside narrative and the resulting momentum could take the price higher to test the next barrier at 2.10.
