Key Insights
- Sui price dropped over 25% in a week, displaying a sharp selloff.
- SUI’s stablecoin market surged over 69% in the past three months.
The crypto market has experienced a bearish trend over the past two weeks. Among the affected assets, Sui (SUI) price has lost more than 25% of gains within a week.
Moving ahead, It hovered near the demand zone of $2. At press time, SUI token was trading at $5.70, noting an intraday decline of over 7.30%. Its market cap stood at $3.34 Billion and ranked 29th in the overall crypto market.
TVL Declines, But Sui Price & Stablecoin Activity Surge
Sui network had a TVL of $1.184 and showed a significant decline over the past few weeks. Amidst the bearishness, traders and investors have lost their interest in the token. This further resulted in a substantial decrease in its TVL.
However, activity on the stablecoin replicated an unmatched growth. This happened as Sui price rose over 69% in the past three months, reaching $546 Billion at press time.
Moreover, a recent post on X by Sui Network revealed a significant development. Per the post, Binance, the world’s largest cryptocurrency exchange, has integrated USDC on the Sui network.
SUI token noted that users no longer require bridging since they can directly move and acquire USDC. This new integration boosts USDC exposure within the Sui network infrastructure. Stablecoin reliability enables wider market adoption and creates better user experiences.
Binance’s decision implements the ongoing optimization process for blockchain networks. The platform update provides Binance users with instant and rapid transfer capabilities.
Eliminating additional steps helps customers conduct transactions faster and with fewer complications. A growing number of users engaging with the Sui Network will appear as USDC gains popularity throughout its network ecosystem.
Sui Price Prediction: Bullish Or Bearish?
SUI’s daily chart resembles a pair of lower highs and lower low swings, suggesting increasing selling interest. Since the start of this year, it has experienced a persistent selloff and lost more than 50% in the last two months.
At press time, Sui price had fallen below its key moving averages. Furthermore, it was heading toward the demand zone of $2.
According to a recent post on X by @AltCryptoGems, the SUI token experienced a bearish trend. This occurred as the broader market experienced a bloodbath in the last few sessions.
However, a lower high formation was due. It could either reclaim the $3 mark or see an extended decline toward the $2 mark.
The data from the futures market also suggests the same Sui price activity in the future. The Open Interest (OI) shed over 6.30% to $589.44 Million. This hinted that long positions have aggressively squared off in the past 24 hours.
Furthermore, the OI-weighted funding rate turned negative at -0.00017. This highlighted a reduced demand for long positions.
Additional data suggested a heavy, prolonged liquidation activity. With this, $5.30 Million worth of long liquidations were noted against a minimal $230K worth of short liquidations.
This liquidation imbalance hints that traders have liquidated their positions due to a panic selloff. The immediate support zones for SUI token were $2.30 and $2. At the same time, the resistance zones were $2.80 and $3.
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.
