Sui price has done well in the past two weeks, becoming one of the best-performing layer-1 token. It jumped to a high of $1.80 on Monday, its highest level since April 2nd and 285% above its lowest level in August.
Sui ecosystem growth
The first main reason why the Sui token has soared is that its ecosystem has grown substantially in the past few months.
Data by DeFi Llama shows that the volume of cryptocurrencies traded in its DEX ecosystem has jumped by over 51% in the last seven days to over $611 million.
This performance means that it has passed other popular chains like Polygon, Avalanche, Tron, Near, TON, and Cardano. The most notable DEX platforms in its ecosystem are Cetus, DeepBook, Turbos, and Kriya.
Sui has also become a big name in the Decentralized Finance (DeFi) industry as its total value locked (TVL) has jumped to over $957 million. It has become the eighth biggest chain after Ethereum, Tron, Solana, BNB Chain, Arbitrum, Base, and Avalanche.
Its developers hope that this growth will continue in the coming years. Just recently, they announced that Circle’s USD Coin will join its ecosystem, a notable thing since USDC is the second-biggest stablecoin in the industry.
As part of the growth strategy, Sui has launched a new accelerator program, an eight-week course that will help developers interested in its ecosystem.
It has also announced a plan to launch its mobile gaming console that will let play all types of games. Earlier this year, the developers – known as Mysten Labs – also partnered with Team Liquid, a leading player in the gaming industry.
Meanwhile, Grayscale recently launched the Sui Trust, which gives investors access to the coin. Data shows that the fund has already attracted over $2.36 million in assets under management, a figure that will likely continue growing.
Sui price analysis
Turning to the daily chart, we see that the SUI token price has been in a strong bull run in the past few months. This rebound started when the coin formed an inverse head and shoulders pattern, a popular bullish reversal sign.
It has formed a golden cross pattern as the 200-day and 50-day moving averages crossed each other. Additionally, the Relative Strength Index (RSI) and other oscillators have moved to the overbought level, showing that it has momentum.
Sui token has also jumped above the ultimate resistance of the Murrey Math Lines and the 61.8% retracement point. Therefore, the path of the least resistance for the token is upward, with the next point to watch being $2, the extreme overshoot of the math lines.
