CandleFocus SUI gains as $3m in shorts liquidated, DEX volume enters top 10
2024-10-29
Author: Content Editor
Sui, a competitor to Ethereum and Solana, experienced a significant rally, with its token rising by 13% and reaching a key resistance point at $2.01. This rally occurred as Bitcoin surged past $71,000 and the crypto fear and greed index reached a "greed" level. The increase in Sui's price led to a high number of short sellers being liquidated. Sui has seen impressive growth recently, becoming the seventh-largest chain in the decentralized finance industry and achieving a total value locked of $944 million. The launch of Sui Bridge further indicates that the growth of Sui is expected to continue. The cryptocurrency is also making its presence felt in the gaming industry, with top players like MemeFi planning to expand on the Sui network. Technical analysis suggests that Sui's price may continue to rise, with potential gains if it breaks the upper side of the cup pattern at $2.185.
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