- 1 The recent performance of SUI and BTC highlights that SUI has followed BTC’s lead and declined in the last seven days.
- 2 Technical indicators are bearish due to Bitcoin’s influence, technical indicators are bearish, but analyst Jonathan Carter shared an optimistic view on X.
SUI is known as an L1 blockchain platform, and it’s built on an object-centric data model and utilizes the Move programming language. It aims to improve the user experience in Web3 applications through features like sponsored transactions, programmable transaction blocks, and zkLogin.
The SUI architecture has been designed to enhance transaction processing speed, maintain stability through unique consensus requirements, and reduce completion times.
The SUI price has followed the BTC price’s decline on the daily chart, and performance has been bearish in the last seven days since June 11th. The BTC declined by -5.85%, while SUI followed the lead and degraded by -16.25 %.
At press time, the SUI price traded at $1.0130 with a -1.98% dip, while BTC was at $67659 with an -2.65% intraday fall. BTC appears to be approaching the $66150 defense line; if it breaks, the SUI could also lose the $0.90 support level. As Bitcoin happens to be the number 1 crypto by market cap, it impacts the broader market sentiments as well.
How is the Cetus Achievement a Plus Point for SUI?
The recent achievements of CetusProtocol are indeed positive for the Sui ecosystem.
According to Cetus’s post on the X platform, the $8,000,000,000+ trading volume indicates a high level of activity and liquidity within the Sui ecosystem. That looks essential for the health and growth of any decentralized finance (DeFi) platform.
Similarly, by constructing a solid infrastructure, the Cetus Protocol has laid the groundwork for explosive future growth and continual expansion. It could attract more developers and projects to the Sui ecosystem, increasing innovation and utility.
$8,000,000,000+ Total Trading Volume! A new remarkable milestone for @CetusProtocol #Cetus is growing wildly and has been constructing solid infra, which paves the way for the continual expansion & future explosive growth of the #Sui ecosystem. Sui DeFi will continue to… pic.twitter.com/bsDN3f3H0n
— Cetus (@CetusProtocol) June 10, 2024
Overall, these developments contribute to a robust and thriving DeFi environment, which is crucial for the growth of the entire Sui ecosystem and the broader adoption of Web3 technologies.
Could SUI Price Show a Massive 2x Rally?
Upon observing the SUI chart, it’s evident that the price trend was upward until March 27th, experiencing a substantial increase. However, the trend reversed on March 28th, as the price entered a correction phase, forming what seems to be a falling wedge pattern. Since breaking out of the wedge, the SUI price has been consolidating within a range.
#SUI
— Jonathan Carter (@JohncyCrypto) June 10, 2024
Token is currently consolidating within a range after breakout from the falling wedge pattern
If price breaks out from this range, short-term target is $1.45
Additional targets are $1.72, $1.95, and $2.15 pic.twitter.com/kLTCSHXSXT
Analyst Jonathan Carter shared an optimistic tweet about a theory regarding the SUI price. He suggested that if the price broke out of the consolidation range, the short-term target could be $1.45, with additional targets at $1.72, $1.95, and $2.15.
However, dips in BTC (7-day performance) have recently been witnessed. If BTC continues to fall, the SUI asset could drop to $0.90, potentially leading to further declines to $0.75, $0.60, and $0.50.
How Technical Tools are Behaving? Let’s Observe!
Overall, technical indicators are bearish due to the influence of BTC. The 50-day and 200-day EMAs are exerting downward pressure on the price.
Additionally, the MACD histogram is narrow and below the zero line, while the RSI flashed at 41.96, below the median line, and facing rejection from 14-SMA at 47.19.
Summary
As for the SUI ecosystem growth aspects, recent achievements by the Cetus Protocol have positively impacted the Sui ecosystem. Cetus stated it achieved an $8 Billion plus trading volume, showcasing the ecosystem’s health and growth and a high level of liquidity within the SUI ecosystem.
Technically, the recent performance of SUI and BTC over the daily chart highlights how SUI followed BTC’s decline in the last seven days.
The analysis of the SUI chart indicates the possibility of a bullish breakout if the consolidation range is broken, with short-term targets at $1.45, $1.72, $1.95, and $2.15.
However, there is a possibility of a decline in the SUI asset if BTC continues to fall. At last, technical indicators are currently bearish due to the influence of BTC.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
