Bluefin has officially launched the Bluefin Spot, which is powered by Sui Network. It is an attempt to become a major player in building the decentralized trading ecosystem. SUI price action has intensified.
That comes on the heels of the primary product, Bluefin Perpetuals, which has traded over $37 billion since the Beta launch in September of the year 2023. In Bluefin Spot, Sui is in a position to boost its usability and expand its dominance in the decentralized finance market (DeFi) even more.
That news has seen Sui, the network’s native token, record some notable gains in reaction.
Features of the New Development
What’s new in Bluefin Spot is a set of features aimed at improving the basic trading functionality for the users.
First, the wallet sidebar is where users can see their portfolio value as well as their different positions from one area. That also makes it possible for users to easily transition from spot trading to perpetual accounts.
Further, it creates APRs for deposits and allows clients to determine potential profitability using historical prices.
It also offers the ability to add social login capability through zkLogin. It also helps to increase usability while incorporating complete security. This mechanism also improves account authentication while being free from the decentralized approach of the Sui Network.
SUI Price Rally in Response to Bluefin Spot
When the news about Bluefin Spot came out, SUI went on an exciting price surge. It was just 15% above last week’s price. SUI, at press time, was trading at $3.59, and its market capitalization reached $10.21 billion.
This crypto’s trading volume over the last 24 hours went down by 22.66% to $1.45 billion. The trading volume was on surge a day ago, but things are not the same now.
With trading volume for a 24-hour timeframe now showing a 22.66% fall, investors are more cautious about investing in SUI tokens.
The volume-to-market cap ratio comes out to 14.91%, which is a relatively good level of trading activity.
Nevertheless, the 1.25% decline in market capitalization bears marks of profit selling despite the short-term market recovery.
Looking at an in-depth analysis of Sui charts, we see that the Bollinger Bands show that SUI is close to the lower band and is considered to be oversold.
The Bollinger Bands at around $3.71 can be a crucial support line in the short term. Moreover, any breakout above this level will likely trigger further up-move.
On the other hand, if we fail to regain this kind of territory, then it either remains a consolidation story or more downside. Currently, the 20-period SMA20 is upward, which indicates a positive medium-term trend.
Nevertheless, the price located beneath SMA exhibits bearish short-term momentum. On the downside, for more recovery, the price has to go below this SMA line, and then again, the trading must start above this mark.
The Relative Strength Index (RSI) at 38.90 is still below the oversold level of <30. What this implies is that SUI may post a bounce back to recent highs should buying pressure amplify. Traders should use the RSI to look at its positioning to cross the 40-level to indicate an upward momentum.
