The Sui Network’s bullish price trend continues to rise following the announcement of a significant upgrade that is now active on its testnet. Announcing on X, Sui Network introduced the Mysticeti upgrade, TVL Rose ATH, and Wallet Addresses Skyrocketed.
Sui Upgrade Plots to Become Fastest Blockchain
The SUI Network has updated on X that they have achieved a major milestone with an new all-time high for TVL, as it reached $750 Million.
BREAKING: Today, Sui hit another major milestone with a new all time high for Total Value Locked – $750,000,000!
— Sui (@SuiNetwork) May 21, 2024
This comes after yesterday's ATH for Daily Active Wallets. What an incredible week for the Sui community – and it's only Tuesday
Source: @DefiLlama pic.twitter.com/0dc9n7ohEY
Moreover, the SUI also stated that it has achieved a major milestone and it has reached 1 Million daily active addresses.
Additionally, Dmitri Perelman head of engineering has tweeted on X that Mysticeti has been live on testnet and has been now the fastest among all the blockchains.
He further stated that his team is working on streamlining the FNs and SDKs to fully benefit from the core improvements in the network.
Mysticeti is live on testnet and it's very fast!
— Dmitri Perelman (@PerelmanDmitri) May 21, 2024
We're working on streamlining the FNs and SDKs to fully benefit from the core improvements (e.g., returning the object contents back via RPCs all the way to the dApp).
A moment of celebration for our researchers and engineering https://t.co/cC3Ct9H5CV
This update has been officially on the test net, it has brought consensus latency down to 390ms, which happens to be a remarkable 80% reduction from Narwhal- Bull shark.
What Could SUI Price Prediction (SUI) Be, Based on Technical Evaluation?
Analyst Crypto Tony tweeted with bullish sentiment on X that in SUI, a spike was seen out of a support level on the daily chart.
$SUI / $USD – Update
— Crypto Tony (@CryptoTony__) May 21, 2024
Reclaiming $1.43 is the safest entry here if not in already. Love the clean action here from the bulls off support pic.twitter.com/ry2KciNwqC
Correspondingly, based on the analyst tweet, the SUI asset daily chart displays bullish strength in the short term. Likewise, the MACD shows a bullish cross, with an increasing histogram in SUI at 0.0281, and the RSI flashed at 48.00. It displayed that the SUI crypto is not losing steam yet and could continue to jump higher in future sessions.
Therefore, if the spike surges strongly, the next target for the SUI price could be to reach the above levels, such as $1.40 and $2.10.
On the contrary, if the SUI crypto price fails to sustain above the $0.90 level, it could also decline further.
Summary
The SUI Network has achieved a major milestone with a new all-time high for TVL at $750 Million and 1 million daily active addresses. Additionally, Mysticeti has been live on testnet and is now the fastest among all blockchains.
Analysts are bullish on SUI, with potential price targets at $1.40 and $2.10, but caution that failure to sustain above $0.90 could lead to further decline.
