Sui price bounced back this week in line with the ongoing crypto rebound. The token jumped to a high of $1.6215 on Tuesday, higher than the weekend low of $1.1580. It has been one of the top-performing cryptocurrencies in the past few months as it rose by over 345% from its lowest point in September last year.
Solend launches Suilend
Solend, one of the biggest platforms in Solana, has expanded to Sui, one of the fastest-growing blockchains in the world. It has over $257 million in total value locked (TVL) in Solana’s ecosystem, according to DeFi Llama. Solend is a platform that lets users earn interest and borrow 67 assets across 20 pools.
Suilend is a similar platform to Solend, with the only difference being that it is on the Sui network. Data in its website shows that the platform has started being popular with the total deposits soaring to $2.4 million. Total borrowings stood at over $979k on Tuesday morning.
The developers selected Sui because of its superior features compared to other blockchains. It has superior speeds of over 297k transactions per second (TPS). In contrast, Solana handles about 2,000 TPS while Ethereum processes less than 30. Sui achieves this through parallel processing for most transactions. In a statement, Rooter, the founder of Solend said:
"Developing on Ethereum and Solana felt like building a cathedral with chisels and hammers. That’s not to say you can’t build great things — cathedrals are some of the most beautiful human achievements. But we want to build rocket ships, and for that, you need advanced tools like laser cutters and welders. That’s what Sui and Move offer with better developer tools."
The new launch came at a time when Sui is seeing more developer interest. DeFi Llama tracks over 26 DeFi dApps in the ecosystem. The biggest of these are Scallop Lend, NAVI Protocol, Cetus, and Aftermath Finance.
Recently, Bluefin joined the Sui ecosystem. This is notable since Bluefin is one of the top-performing DEXes in the world since it handles millions of transactions per day. Data shows that its TVL has jumped to over $15 million in Sui.
Sui price forecast
The daily chart shows that the Sui price dropped to a low of $1.1580 on March 5th. This was a notable price since it was its highest swing on May 18th. This means that the retreat was part of a break and retest pattern.
Sui price has now rebounded and moved to the middle line of the Bollinger Bands. It has also jumped above the 50-day moving average, meaning that bulls are in control.
Oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards. Therefore, the outlook for Sui is bullish, with the next point to watch being at $1.9721, its highest point this year. This means that it has a 23% upside from the current price.
