Sui price continued its strong rally as its ecosystem growth gained steam. The $SUI token jumped to a high of $0.7456 on Thursday, its highest point since July this year. It has risen by more than 90% from its lowest point this year. This surge has given Sui a market cap of over $719 million.
Solend to join Sui
Sui has moved to become one of the fastest-growing networks in the blockchain industry. Launched earlier this year, the platform has attracted more developers into its ecosystem. This growth is partly because of Sui’s marketing efforts that saw it partner with RedBull Racing, the winner of this year’s Formula 1 season.
Data shows that the Sui ecosystem is growing at a fast pace. The total value locked (TVL) in its ecosystem has surged to over $187 million. In SUI terms, this TVL has hit a record high of over 237 million $SUI.
The biggest dApp in Sui is Cetus, which has over $38 million in TVL. Cetus is a decentralized exchange that handled over $20 million in the past 24 hours. The others are DeepBook, Scallop Lend, and NAVI Protocol, which have a combined TVL of over $80 million. Notably, 15 of the 21 dApps tracked by DeFi Llama have a TVL of over $1 million.
The Sui ecosystem is set to grow after Solend, one of the biggest dApps in the Solana ecosystem, announced plans to join. Solend is a fast-growing platform that has accumulated over $155 million in assets. SLND, its token, has grown to more than $82 million while its DEX is handling over $100 million in daily transactions. In a note, the founder of Solend said:
“We’re not maximalists by any means – I left that behind when I left Ethereum. We’re building on Sui for the same reason we decided to build on Solana three years ago: because they’re doing something special. For Solana it was performance, for Sui it’s the developer experience.”
Sui price forecast
The daily chart shows that the Sui price bottomed at $0.3633 in October. Since then, it has bounced back and reached over $0.70. It has moved above the 50-day and 25-day Exponential Moving Averages (EMA), which is a positive thing. The token is also hovering near its highest point since July.
Meanwhile, the Relative Strength Index (RSI) and the MACD have continued rising. Therefore, the outlook for the SUI token is bullish, with the next point to watch being at $0.8050, its highest point in July. This price is about 16% above the current level.
Credit: Source link