Sui, a fast-growing Ethereum and Solana rival, went parabolic on Tuesday, Oct. 29, amid its expanding market share in key areas of the blockchain industry.
Sui (SUI) token rose by 13%, retesting the psychologically important resistance point at $2.01 for the first time since Oct. 24.
Its rally happened as Bitcoin (BTC) crossed the significant $71,000 level and as the crypto fear and greed index moved to the “greed” area of 60. Altcoins like Sui often perform well when there is a sense of greed in the crypto industry.
Sui’s rally led to a sharp increase in short seller liquidations. Data from CoinGlass shows that short sellers saw liquidations worth over $3 million, the highest level since Oct. 16. Its open interest in the futures market rose to $516 million, significantly higher than last week’s low of $448 million.
Sui has shown remarkable growth in recent months. Data from DeFi Llama indicates that decentralized exchanges on its platform processed tokens worth $4.47 billion this month, making it the seventh-largest chain in the sector. October marked the first time Sui entered the top ten.
Sui has also become a top ten blockchain in the decentralized finance industry, with a total value locked of $944 million. Some of the biggest dApps in its ecosystem include NAVI Protocol, Suilend, Cetus, and Scallop Lend.
This growth is expected to continue after the developers launched Sui Bridge on Oct. 26. The bridge enables assets from other Ethereum Virtual Machine networks to access Sui’s blockchain dApps like Cetus and Scallop.
Sui is also becoming a significant player in the gaming industry. For example, MemeFi, one of the top players in Telegram gaming, announced plans to expand its solution on the Sui network.
Sui price formed a hammer pattern
Sui’s daily chart points to further upside in the coming months. It formed a golden cross pattern as the 200-day and 50-day moving averages crossed on Sep. 22.
It also formed a hammer pattern, characterized by a small body and a long lower shadow, which is a popular bullish reversal indicator.
Additionally, Sui has formed a cup and handle chart pattern. Therefore, it will likely continue rising, with the next target being the upper side of the cup at $2.185. A break above that level could lead to further gains.
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