SUI is a ‘core pillar’ for upcoming bull cycle, says expert

Judging by rising institutional interest and capital inflow, Sui ( SUI ) might be a ‘core pillar’ of the upcoming bull cycle , according to cryptocurrency analyst Michaël van de Poppe. Accordingly, van de Poppe argued on June 9, that is only a matter of time until we see a new all-time high for SUI. “SUI remains to be one of the core pillars of the upcoming bull cycle… It’s a matter of time until this one continues to rally towards a new ATH.” — Michaël van de Poppe. Michaël van de Poppe’s SUI prediction. Source: X As per CoinMarketCap, SUI now ranks as the 9th highest blockchain by total value locked (TVL). Suilend, a decentralized lending protocol built on Sui, has also seen no less than a 90% increase in TVL over the past month, locking in a total of $700 million. Likewise, Bitcoin ( BTC )-related assets now account for over 10% of SUI’s TVL, while multiple financial institutions have filed for a SUI-based exchange-traded fund ( ETF ). SUI performance While a significant portion of Sui’s growth is due to BTC-pegged assets and protocols like Babylon and Lombard, the network also boasts over $1.1 billion in circulating stablecoins. The relative strength indicator ( RSI ) remains neutral at 44. Moreover, its weighted funding rate has remained positive for nine consecutive days, and the SUI token is breaking out of a long wedge pattern. Both these facts indicate a consistent bullish trend. Even more notably, SUI has recently shown a golden cross pattern . That is, its short-term (50-day) moving average crosses above the longer-term (200-day) moving average. This pattern is widely regarded as an early indicator of a sustained uptrend. In 2024, it preceded SUI’s 380% rally. However, traders should remain cautious. Regulatory uncertainty around the delayed SUI ETF approval, for example, remains a near-term risk. What’s more, the golden cross pattern is not an infallible benchmark. Featured image via Shutterstock The post SUI is a ‘core pillar’ for upcoming bull cycle, says expert appeared first on Finbold .

Source: Finbold