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The Sui price has soared 99% in the past month and 10% in the last 24 hours to trade at $3.39 as of 7:05 a.m. EST on a 10% drop in trading volume to $2 billion.
The recent surge in the SUI price comes as the network entered the Bitcoin staking market through partnerships with Babylon Labs and Lombard Protocol.
This collaboration targets the $1.8 trillion Bitcoin market, aiming to bolster Sui’s decentralized finance (DeFi) ecosystem by allowing BTC holders to stake their coins.
Sui 🤝 @babylonlabs_io ➕ @Lombard_Finance
With our powers combined, we’re bringing Bitcoin liquidity to the Sui ecosystem.
That’s right, Bitcoin holders – you’ll soon be able to stake your BTC and receive $LBTC natively minted on Sui. 🤯
— Sui (@SuiNetwork) November 25, 2024
BTC stakers will receive Lombard’s liquid staking token (LBTC), minted on Sui. This token will enhance lending, borrowing, and trading within the network.
Additionally, Cubist will provide secure key management for the initiative. This move is designed to drive DeFi adoption on Sui while integrating Bitcoin’s liquidity into its ecosystem.
Sui Price Rebounds Within A Bullish Channel
The SUI/USDT pair on a 1-day timeframe indicates a strong bullish trend, with the price trading at $3.39 within an upward-sloping bullish channel. The price action shows a clear upward trajectory, indicating positive momentum as it moves from the support zone around $0.91.
This support level has acts as a solid base for price movements, with the price making higher highs as it advances within the channel. The most recent price action shows SUI testing a resistance level near $3.86, and a break above this resistance could pave the way for further gains. If the price retraces toward the support zone, it may offer a buying opportunity for bulls aiming to maintain the upward trend.
SUIUSDT Analysis Source: Tradingview
The 50-day moving average (SMA), currently below the price, signals that short-term momentum remains bullish as the price trades above this key trendline. Additionally, the 200-day moving average supports this bullish sentiment, as it lies beneath the current price, indicating a healthy long-term trend.
Sui Price RSI Signals A Short-Term Correction
The Relative Strength Index (RSI) stands at 71.67, which places the Sui price in the overbought territory. While this reflects bullish momentum, it also signals that the price could be nearing exhaustion. An RSI above 70 indicates that the market may be overheated, and a potential pullback or consolidation might occur before the price can continue its upward trajectory. However, as long as the RSI stays below extreme overbought levels, the bullish trend is likely to persist, though caution is advised.
Sui’s price is showing strong bullish momentum. It is advancing within a clear bullish channel and testing key resistance levels. If the resistance around $3.86 is broken, the price could see further gains.
However, the overbought RSI suggests a possible correction or consolidation in the short term. The support zone at $0.91 remains crucial for any potential pullbacks, and the overall trend remains bullish as long as the price stays above this level.
Flockerz Presale Crashes Past $3.4 Million – Next Crypto To Explode?
As the Sui price continues its bullish trend, the Vote-to-Earn (V2E) meme coin Flockerz (FLOCK) has hurtled past $3.49 million in its presale.
According to analyst and YouTuber Claybro, with over 132K subscribers, $FLOCK will see a surge of at least 5x once it launches.
Flockerz (FLOCK) features a unique vote-to-earn system in which users earn FLOCK tokens for every vote they cast through the Flocktopia DAO.
This system keeps the community engaged, and allows investors to have a say in the project’s direction.
Investors can also stake their FLOCK tokens for a huge 655% annual staking return.
And what do YOU think you will bring to The Flock? 🐦 pic.twitter.com/RoR4wXg1Yw
— Flockerz (@FlockerzToken) November 25, 2024
Right now, FLOCK tokens are priced at $0.0061504 and can be bought with ETH, USDT, BNB, or a bank card.
To secure the best deal, buy before a price hike in about 1 day.
To join the presale, visit the Flockerz website here.
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