Sui price is slowly forming a bullish flag and a golden cross, pointing to a strong breakout as its funding rate turns positive and decentralized finance assets jump.
Sui (SUI) token was trading at $3.40 on Saturday, up by 94% from its highest level in April this year.
Third-party data shows that Sui has become one of the fastest-growing players in the crypto industry this year. The amount of assets locked in its decentralized exchange network has jumped by 40% in the last 30 days, to $2.45 billion.
This growth has made it the 9th biggest blockchain in the industry, bigger than popular networks like Avalanche (AVAX), Polygon (POL), and Cardano.
Further data shows that Sui’s stablecoin market cap has jumped to $897 million, meaning that it may soon cross the $1 billion milestone. The number of stablecoins in a blockchain network is a positive sign as it shows that users are actively interacting with it.
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Further data reveals that DEX protocols on the Sui blockchain are seeing more traction among users. Their total transaction volume stood at over $2.9 billion in the last seven days and $11.2 billion in the previous 30 days. Cetus, Momentum, and Bluefin led the market share in this.
Meanwhile, the eight-hour funding rate has turned positive and is pointing upwards, signaling that the price of a perpetual contract is higher than the spot one. It is a bullish sign as it signals that more traders are betting on the price increase.
Sui price analysis
SUI price chart | Source: crypto.news
The daily chart shows that SUI coin has jumped in the past few weeks, moving from a low of $1.7290 on April 7 to $3.4 today. It is slowly forming a bullish flag pattern, a popular continuation sign.
Sui token is also forming a golden cross pattern, which happens when the 50-day and 200-day moving averages are about to cross each other.
Therefore, the coin will likely have a strong bullish breakout. The next target to watch is $5.395, its all-time high, which is about 60% above the current level.
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