SUI rose 17% on Mysten Labs promotion, eyes $2.3
Key receivers
SUI is up 17% in the last 24 hours and is now trading at $1.95.
The rally comes as Mysten Labs researchers explore privacy features for blockchain, putting Sue in a math-based model alongside Ethereum and Solana.
SUI is high at $1.95 after a 17% rally.
Sui blockchain's native coin SUI has increased by 17% in the last 24 hours. Thanks to this rally, the coin is now trading at $1.95, a two-month high.
The rally comes on the heels of a recent paper by Misten Labs researchers exploring privacy features for blockchain that puts Sui in an account-based model with Ethereum and Solana.
The paper places Sui firmly in the math-based model alongside Ethereum and Solana. He also looked at how such systems could be implemented using secret balances, limited sets of anonymity, or lack of sender-receiver communication, such as asynchronous encryption and zero-knowledge proofs.
In addition, they indicate that market participation in chain and dynamic data is growing. According to data from Santiment, the Sui ecosystem's trading volume reached $967.43 million on Tuesday, the highest since early December. This increase suggests that traders are once again picking up interest in Sui following last month's poor performance.
According to Defilama, Sui's total value locked (TVL) has been growing steadily since the end of December and reached $1.04 billion on Tuesday.
Additionally, CoinGlass derivatives data showed SUI futures open interest (OI) on the exchange increased to $947.26 million on Tuesday, up from $685 million a week ago.
SUI may rise to $2.34 level.
The 4-hour chart of the Sui/USD is bright and bullish as the Sui has added 34% to its value over the past seven days. The coin is currently trading around $1.95 and may go higher in the near future.
If the bullish trend continues, SUI may extend its rally to the weekly resistance level at $2.34. Speed indicators now support more bullish activities.
The Relative Strength Index (RSI) on the 4-hour chart is 85, above the overbought threshold, indicating strong bullish momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows a higher crossing above the neutral level and a rising green histogram.
However, if the market is corrected,
On the other hand, if the SUI corrects, it may extend the decline towards the 50-day EMA at $1.66.
