Sui, a rising competitor to Ethereum and Solana, experienced a significant surge on Tuesday, October 29, as it continues to expand its market share in the blockchain sector. The Sui token climbed by 13%, retesting the crucial resistance level of $2.01 for the first time since October 24.
This rally coincided with Bitcoin crossing the important $71,000 threshold and the crypto fear and greed index moving into the “greed” zone at 60. Altcoins like Sui often perform well during periods of heightened market enthusiasm.
The surge in Sui’s price triggered a sharp increase in short seller liquidations, with CoinGlass reporting over $3 million in liquidations, the highest since October 16. The open interest in the futures market for Sui rose to $516 million, significantly up from last week’s low of $448 million.
Sui has demonstrated remarkable growth recently. According to data from DeFi Llama, decentralized exchanges on its platform processed $4.47 billion in tokens this month, positioning it as the seventh-largest blockchain in the sector. Notably, October marks the first time Sui has entered the top ten.
In the decentralized finance (DeFi) industry, Sui now ranks among the top ten blockchains, with a total value locked of $944 million. Key decentralized applications (dApps) within its ecosystem include NAVI Protocol, Suilend, Cetus, and Scallop Lend.
The growth trajectory appears promising, especially following the launch of the Sui Bridge on October 26. This bridge facilitates the transfer of assets from other Ethereum Virtual Machine (EVM) networks, enabling users to access Sui’s dApps like Cetus and Scallop.
Sui is also making strides in the gaming sector, with MemeFi, a prominent player in Telegram gaming, announcing plans to expand its solutions on the Sui network.
Technical analysis of Sui’s daily chart indicates further potential upside in the coming months. The token formed a golden cross pattern on September 22, where the 200-day moving average crossed above the 50-day moving average. Additionally, Sui’s chart features a hammer pattern, characterized by a small body and a long lower shadow—an indicator of a bullish reversal.
Moreover, Sui has formed a cup and handle chart pattern, suggesting that it is likely to continue rising. The next target for the token is the upper edge of the cup at $2.185, with a breakout above this level potentially leading to further gains.
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