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The Sui price has surged 11% in the last 24 hours to trade at $1.58 as of 3:25 a.m. EST on a 135% pump in trading volume to $1.11 billion.
The price increase coincides with growing demand for the Sui Network, a Layer-1 blockchain often referred to as a ”Solana-killer” within the decentralized finance (DeFi) market.
Over the past month, the Sui Network has seen a resurgence in network activity due to the increasing DeFi interest on the platform.
According to official reports, the blockchain has reached a significant milestone, surpassing $900 million in total value locked (TVL), earning it the 8th spot among all blockchain networks.
Sui Price Spikes Above Bearish Channel
The SUI/USDT pair on the daily timeframe shows a significant shift in price momentum. For several months, SUI has been trading within a bearish channel, with lower highs and lows indicating sustained downward pressure.
This channel ended in mid-August when the price found support near the 0.78 Fibonacci level, a key retracement point often serving as a strong support area.
Shortly after, the price broke out of the bearish channel in early September, signalling a potential reversal from bearish to bullish sentiment.
Following the breakout, SUI experienced a sharp bullish rally, pushing the price well above both the 50-day SMA (1.0895) and the 200-day SMA (0.9515).
SUIUSDT Analysis Source: Tradingview
This crossover above two critical moving averages suggests a confirmed bullish trend, with the current price at 1.5405. These moving averages are now positioned as dynamic support levels in the event of a price pullback, adding to the strong positive momentum.
Sui Price Continues The Uptrend On Bullish Technicals
The support zone is around $0.80, a key level before the breakout. This area is likely to act as a strong support if the market retraces. However, the current price action indicates a further gains are possible, with the potential for “More Upside Reward” shown by the arrow pointing to the upside. If it breaks through the $1.60 resistance level, the price could continue rising, which may present short-term selling pressure.
The RSI (Relative Strength Index) is currently at 79.19, placing it in the overbought zone. While this indicates intense buying pressure, it also implies that the market could experience a short-term correction or consolidation. An RSI in overbought territory often signals a potential pullback, especially if the indicator remains elevated for an extended period.
The Sui price shows a solid bullish breakout from a prolonged bearish phase, supported by a rise above key moving averages.
While there is potential for further upside, as indicated by the recent price surge, the RSI suggests the possibility of a short-term pullback. Watching for resistance around $1.60 and support from the 50-day SMA, 200-day SMA, and the $0.80 support zone is crucial.
Memebet Casino Raises over $272K
Meanwhile, as the Sui price indicates a further bullish rally, a new meme coin casino project called Memebet Casino (MEMEBET Token) has raised more than $272K in early funding in its ICO.
This momentum has captured the attention of popular crypto analyst and YouTuber ClayBro, with over 130K subscribers, who says early investors could see massive gains once the MEMEBET Token launches.
The MEMEBET Token is an emerging online casino aiming to distinguish itself from other gambling tokens by allowing users to wager with popular meme coins, including Dogecoin, Pepe, Shiba Inu, and more.
The Memebet Casino will be accessible directly via Telegram and will function as a no-KYC betting platform, ensuring anonymity for its users.
Players will have the option to gamble on a variety of games such as slots, table games, and sports betting. The project promises several perks for $MEMEBET Token holders and high rollers, including bonuses and entry into an exclusive VIP community where top bettors can enjoy special rewards and privileges.
Bro's asking the right questions 🧐#MemeBet #Presale & #Airdrop soon ⏰
The number one place for #Crypto gaming and more! 💥 🎰$FTM $BTC #SOL #Bonk #WIF #Doge #BOME #Altseason pic.twitter.com/NLds73vdTX
— MemeBet (@Memebetcasino) May 19, 2024
In addition to the MEMEBET token, users will also be able to wager with meme coins and benefit from a portion of the rewards in the Memebet Airdrop campaign.
Future airdrops will be distributed to regular casino users as the platform expands. Once the casino goes live, token holders will also gain access to special challenges and exclusive bonuses.
The MEMEBET Token is currently priced at $0.0253, with no minimum investment required. You can purchase it using $ETH, $BNB, $MATIC, $USDT, or a credit/debit card.
With the price set to increase in less than two days, interested investors should act quickly to take advantage of the current low price.
Buy MEMEBET Token on the official website here.
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