Recent data reveals that Sui Network [SUI] has outperformed Aptos [APT] in crucial metrics such as market capitalization, trading volume, and volume-to-market cap ratio.
Despite Aptos being ahead in price, SUI is gaining traction as a non-EVM layer 1 blockchain in the cryptocurrency space, having entered the market in the fourth quarter of 2023.
Despite the general downtrend in altcoins, excluding Bitcoin and Ethereum, SUI’s price remains resilient.
The crypto has broken out of its second broadening wedge pattern in three months, pushing the price above $1.108 with notable volume.
The first wedge pattern resulted in a price surge of over 145%, while the second saw a 57% increase, reaching the high from the first pattern.
These consolidation patterns indicate a potential price rally in the final quarter of the year, offering opportunities for traders and investors.
Currently, bullish sentiment prevails as SUI approaches its previous all-time high of $2.20. Breaking above the $1.20 level and maintaining momentum could lead to a new all-time high in the range of $4 this year.
With the rising interest in the SUI ecosystem, there is a strong bullish outlook. Traders are advised to monitor the situation closely as momentum continues to grow.
Weekly Review of Crypto RSI Heatmap
Analysis of the weekly crypto RSI heatmap provides further positive insights for SUI. Overall levels have improved, with SUI currently in the neutral zone, indicating equilibrium between buying and selling pressures.
The market’s average RSI stands at 41, suggesting room for upward movement, despite the present modest momentum.
Expanding Memecoins within SUI Ecosystem
The SUI ecosystem is experiencing a surge in memecoins, which is adding to the overall bullish sentiment.
In the last seven days, memecoins like BLUB have witnessed significant growth, with its market cap soaring from under $4 million to $26 million, resulting in a 260X return for initial investors.
Similarly, MEOW has achieved over 50X gains, currently holding a market cap of $3 million.
This trend suggests that SUI’s memecoins are enhancing liquidity, potentially propelling SUI’s price higher in the near term.
As the SUI ecosystem expands and memecoins thrive, it is an opportune moment for traders and investors to explore opportunities within the SUI market.
With the ongoing positive price action and robust ecosystem growth, there are indications of a bullish trend, including the prospect of reaching new all-time highs.
Watch closely for SUI’s upcoming moves, as this cryptocurrency seems poised for further ascent.