SUI Surges 30% to Another Record High, What's the Aftermath?

2024-12-12, 07:53

Sui blockchain, developed by Mysten Labs, is a high-performance, scalable Layer-1 blockchain designed to support decentralized applications (DApps) and decentralized finance (DeFi) projects. Its core technologies include the Object Model and Parallel ution, significantly enhancing throughput and processing speed. Sui integrates the Narwhal and Tusk consensus protocols, ensuring high performance and low latency under heavy network loads. It uses the Move programming language, emphasizing smart contract security and flexibility, with applications spanning DeFi, NFT marketplaces, gaming, and the metaverse. Attracting investments from leading institutions like a16z and Coinbase Ventures, Sui demonstrates strong potential as decentralized infrastructure.
According to Gate.io, SUI currently trades at $4.795, marking a 24-hour gain of 30.5%. It leads the altcoin market by recovering losses and reaching a new all-time high. SUI’s circulating market cap stands at $14 billion, ranking 16th globally, with a circulation rate of only 29.5% and a fully diluted valuation (FDV) of $50 billion. As SUI continues its strong performance and sets new highs, traders should consider future strategies carefully.

Market Analysis

Current Price: $4.795 USDT
24-Hour Change: +30.55%
24-Hour High: $4.8778 USDT
24-Hour Low: $3.621 USDT
24-Hour Trading Volume: 31,101,111.07 SUI
Market Sentiment: Fear and Greed Index at 78 (Extreme Greed)
Support & Resistance Levels:
Support: $4.0248 USDT
Resistance: $4.9391 USDT
Trading Strategy Recommendations
Short-Term Long Strategy
Entry Price: $4.80 USDT (Near Current Price)
Stop-Loss: $4.70 USDT
Target: $4.90 USDT (Near Resistance)
Reason: With extreme greed dominating market sentiment, a short-term rally is likely. A break above $4.80 USDT could attract more buyers, pushing the price toward $4.90 USDT. Stop-loss is set at $4.70 USDT to manage risk.
Buy-on-Dip Strategy
Entry Price: $4.30 USDT (Near Support)
Stop-Loss: $4.00 USDT
Target: $4.80 USDT (Near Current Price)
Reason: A pullback to $4.30 USDT near support could trigger buying interest and a potential rebound. This strategy works well during short-term corrections, with a stop-loss at $4.00 USDT to prevent further losses.
Outlook
According to DeFi Llama, SUI’s total value locked (TVL) surpassed $1.8 billion, a significant increase from $500 million in early February. This rapid TVL growth fueled SUI’s price surge to $4.8, driven by its expanding eco. Key milestones include hosting its largest global hackathon in April, celebrating its first mainnet anniversary in May, and announcing Walrus, a decentralized data storage network. In September, Sui introduced a native cross-chain bridge supporting SUI-ETH swaps, with plans for broader asset and blockchain integration. USDC was integrated in October, enhancing liquidity through Circle’s 1:1 USD backing.
Looking ahead, Sui’s eco is expected to expand further with major project and game launches slated for 2025. As developers increasingly adopt Sui and its innovative protocols, new projects will emerge, driving DeFi activity and attracting institutional interest. This sustained growth positions Sui for even greater breakthroughs in the coming years.

Author: Icing, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions. Investment involves risks and users need to make careful decisions.
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