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Despite Sui’s strong performance, upcoming token unlocks could introduce volatility.
The Sui Network (SUI), a prominent layer 1 blockchain, is gaining considerable traction amidst a widespread market downturn.
This growing interest is reflected in its Total Value Locked (TVL), which recently surpassed the $600 million mark, signaling the network’s increasing prominence.
Price Action and Market Signals
Sui’s increasing TVL directly impacts its market performance. The SUI/USDT trading pair recently broke through a downward trend channel on the hourly chart, signaling a potential shift in momentum. This breakout suggests the onset of a bullish trend, with the price testing upper resistance levels. Analysts indicate that a confirmed breakout could pave the way for sustained gains.
The volume oscillator and notable movements in 4-hour candles reinforce this optimistic outlook, hinting that momentum may favor further upward movement. For traders, the $0.80 level offers a strategic entry point, with projections suggesting a rise to $1, presenting a substantial return on investment. However, if the price drops below $0.74, traders may need to reassess their strategies, as this could challenge the bullish scenario.
Credit: TradingView
Market Sentiment and Key Levels
Open interest data reveals critical market zones. Traders have shown varied interest across different price levels, with lower interest in the $0.825-$0.832 and $0.891-$0.898 ranges, while ranges near $0.84-$0.847 have attracted significant attention. The $1 level remains a key psychological barrier.
Additionally, funding rates have shifted positive, indicating that long traders are currently paying short positions, a sign that market sentiment may favor continued price growth or stability in SUI’s perpetual futures market. This trend reflects growing optimism about SUI’s potential.
Credit: Coinglass
Despite Sui’s strong performance, upcoming token unlocks could introduce volatility. The network is set to unlock 64.19 million SUI tokens on October 1, an event that typically leads to selling pressure. While some speculate that the market has already accounted for this, the true impact remains uncertain.
Upcoming Gaming Expansion with SuiPlay0X1
Mysten Labs, the developers of Sui Network, are stepping into the gaming world with the planned release of their handheld gaming device, the SuiPlay0X1. Expected in the first half of 2025, this device will blend traditional PC gaming with blockchain-based games on the Sui network, offering players a smooth experience that combines blockchain’s benefits with the familiar quality of conventional gaming.
The SuiPlay0X1 will be priced at $599 and will run on Playtron GameOS, a Linux-based system designed to support high-end PC games. The device has already generated considerable excitement, with more than 1,000 units preordered within just 12 hours of the announcement. This initiative highlights Sui Network’s broader strategy to extend its reach and deepen user engagement by tapping into the gaming industry. The development is expected to further spur activity on the Sui Network.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Leon is a seasoned blockchain writer and reporter, dedicated to uncovering the stories behind decentralized technologies. He excels in providing in-depth analysis and thought leadership in blockchain media. His reporting sparks meaningful conversations and fosters a deeper understanding of the transformative potential of blockchain.
