contributor
Posted: September 17, 2024
SUI flips Aptos on almost all key metrics.
SUI price action shows momentum breaking key patterns.
Sui Network [SUI] has been making significant strides, surpassing Aptos [APT] in key metrics such as market cap, trading volume, and volume-to-market cap ratio.
However, SUI’s price has yet to surpass Aptos, but that may change soon. As a non-EVM layer 1 blockchain, it is gaining momentum among crypto enthusiasts despite being a relatively new player, having entered the market in Q4 of 2023.
Source: Coinpare
SUI’s price action is showing resilience despite the broader altcoin market, excluding Bitcoin and Ethereum, being in a downtrend at press time.
The crypto has broken out of its second broadening wedge pattern within a span of three months, pushing the price above $1.108 with strong volume.
The first wedge pattern saw SUI’s price surge over 145%, while the second resulted in a 57% increase, equal to the high of the first.
These consolidation patterns are signaling the potential for a price rally in the last quarter of the year, which could significantly benefit traders and investors.
Source: TradingView
Currently, the bulls are in control, and SUI is approaching its all-time high of $2.20. If SUI can break above the $1.20 level and maintain its momentum, it might set a new all-time high this year, possibly $4.
This price action, along with the growing interest in the SUI ecosystem, indicates strong bullish potential. Traders should closely monitor this movement as momentum continues to build.
Weekly crypto RSI heatmap
The weekly crypto RSI heatmap offers further optimism for SUI. Overall levels have moved up, with SUI sitting in the neutral zone, indicating a balance of buying and selling pressure.
The average RSI across the market sits at 41, leaving room for upside potential, although current momentum remains modest.
Source: Coinglass
SUI ecosystem memecoins booming
Additionally, the SUI ecosystem is booming with memecoins, contributing to its bullish sentiment.
In the past seven days, memecoins like BLUB have seen massive gains, with its market cap skyrocketing from under $4 million to $26 million, delivering a 260X return for early investors.
Similarly, MEOW has achieved over 50X gains, now sitting at a $3 million market cap.
These developments suggest that SUI’s memecoins are bringing in more liquidity, which could drive the price of SUI higher in the near future.
Source: X
As the SUI ecosystem grows and memecoins continue to flourish, now is an excellent time for traders and investors to consider entering the SUI market.
Realistic or not, here’s SUI market cap in BTC’s terms
The ongoing price action, combined with the strong ecosystem development, points to a potential bullish run, with the possibility of new all-time highs.
Keep a close eye on SUI’s next moves, as this cryptocurrency is positioned to climb higher.
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