•SUI, an alternative cryptocurrency, is defying the volatile conditions of the crypto market this Wednesday with 11% gains.
•The Sui blockchain has recently reached a milestone of 1 billion transactions and is aiming to onboard 1 billion people to crypto.
•A pro trader has pointed out that SUI may have potential for a bull run to $1, as it broke through its long-term resistance line and went past key horizontal resistance.
SUI Defies Volatile Crypto Market
SUI token, the alternative cryptocurrency launched by the Sui Foundation on May 3rd, 2023, is defying the volatile conditions of the whole crypto market this Wednesday with 11% gains. Symbolically, the SUI blockchain has recently reached a milestone of 1 billion transactions while also having a market cap of $420 million. The fresh altcoin Sui (SUI) broke through its long-term resistance line at $0.5483 and now trades at $0.581809 according to CoinGecko data.
Sui Network Aims To Onboard 1 Billion People To Crypto
The Sui Foundation’s native token fetched 11% gains in spite of trading in a descending triangle for the last 3 months. The chain utilizes Move programming language to provide greater scalability and aims to onboard 1 billion people to crypto according to its official website. Currently, it has 600 000 daily active users.
Pro Trader Points Out Bull Run Potential
A pro crypto trader linked SUI’s price movement with key horizontal resistance after it triggered a bullish divergence yesterday from an all-time low point . The trader World Of Charts presented a chart revealing that $SUI did manage to breakout from trend line resistance levels while also touching crucial horizontal resistance which transpired during its 3-month descending triangle price movement..
Can SUI Reclaim Its All Time High?
With 6.9% daily uptrend, $SUI became top gainer of day but can it reclaim its all-time high or will it be rejected by this multiyear resistance? It remains uncertain whether or not the newcomer’s growing usage statistics will be enough support for further upside momentum or if there are other factors at play here as well?
Conclusion
It is up for conjecture whether or not SUI can reach its previous all time highs due to certain resistances it has encountered in recent times but things look promising so far as traders are keeping their eyes peeled on developments related to the altcoin
