Sui price set to soar as funding rate, DeFi assets surge

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. You might also like: XRP flashes bullish signals as EMA’a cross: are bulls in control? 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. Read more: Pepe rejection likely before bullish continuation? key levels to watch.

Source: crypto.news