Sui's Trading Potential: SUI to See a 20% Upswing Soon?

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SUI is a downtrend, trading at $0.554 at 4:32 am EST. Also, it is down by 7% in the last seven days. The price action in the past week will likely create uncertainty among investors on its next price moves.

However, exciting developments in the Sui ecosystem could lead to an eventual recovery.

Sui Posts Positive Network Metrics Despite Downtrend

On August 10, Sui announced that its mainnet recorded 5,414 transactions in the first 90 days with 100 percent uptime.

937.57 million total transactions.

65.8 million transactions in a single day.

8.01 million NFTs.

5,414 transactions per second.

These are just a few numbers from Sui's first 90 days showing its incredible resilience and performance.https://t.co/D8rpil4D7k

— Sui (@SuiNetwork) August 10, 2023

Moreover, the Ethos Sui 8192 game and the Bullshark quest run by Mysten Labs drove the spike in network activity. Also, the network processed over 68.5 million transaction blocks in 24 hours, the highest single-day transaction recorded on any blockchain.

.@SuiNetwork just shattered a groundbreaking record in blockchain history.

Most transactions recorded in a blockchain ever.

Here's the tldr.🧵 pic.twitter.com/YmIQCuiDuf

— Artemis (@artemis__xyz) August 2, 2023

In addition, Suiscan recorded 965.87 million transactions in total. Impressively, SUI attained the 1 billion transaction mark on August 14, showing rising interest from the crypto community. Also, the average gas fees remained moderate despite the spike in transaction volume.

The Sui Explorer shows over 3 million active accounts with at least one transaction after the Mainnet launch. With 8.01 million NFTs, they were also acquired on the network.

There are now over 3,000,000 active accounts on Sui!🎉

An active account is one that has signed at least one transaction since the network's genesis.

It took less than 4 months post mainnet launch to achieve this milestone.

Now, let's get back to building. #Suinami 🌊 pic.twitter.com/CoZg0Ulj3W

— Sui (@SuiNetwork) August 15, 2023

These metrics raise hope for the eventual recovery of SUI’s price despite the present bearish outlook.

ComingChat App and Encryption Likely to Boost Adoption

ComingChat is a decentralized social media platform built on the Sui network. Its chat encryption is a critical feature in protecting user data privacy.

See how @ComingChatApp leverages the Signal encryption protocol to encrypt chat in its Sui social platform.https://t.co/5Hh6k6ovaC

— Sui (@SuiNetwork) August 15, 2023

ComingChat integrates ChatGPT and offers its users an omni-chain wallet with many applications. Users can choose between the different chat modes: private chat, encrypted group chat, and non-encrypted group chat.

This social app likely attracts more users to the SUI network and boosts its overall performance.

SUI Price Analysis

SUI has continued to trade sideways since June 10 as the bulls and bears struggle to take control. The bears at the $0.95 resistance proved too strong, limiting its price gains to send SUI below the $0.58 support level.

Sui fell from the all-time high of $2.16 recorded on May 3 to an all-time low of $0.550 on August 15.

The green candle formed on the daily chart on May 3 represents the highest point of trading activity this year before SUI’s descent into a downtrend.

The Relative Strength Index (RSI) value is 28.82 in the oversold region, showing massive selling pressure. The Moving Average Convergence/Divergence is below the signal line with red histogram bars, confirming the bearish momentum in the SUI market.

However, the RSI is gradually retracing, hinting at a long-term recovery as traders but the dip. The next few days will likely continue the price decline if the bears persist.

SUI Alternative Racing to Success

While investors grapple with SUI’s price volatility, Sonik has raced into the crypto scene, determined to make a difference. Sonik Coin is a new meme coin cryptocurrency project determined to be the fastest to achieve a $100 million market cap.

It draws inspiration from the popular Sonik the Hedgehog character. It is a fun-themed meme coin determined to bring lighting fast profit to its holders.

Sonic Coin uses a stake-to-earn mechanism where users who deposit their tokens in staking smart contracts receive rewards.

It offers its users a sizable annual percentage yield (APY) (3392%), boosting the overall value of the ecosystem. Presently, over 707 million $SONIK is in the staking contract showing a rising interest among investors.

This staking feature will limit the possibility of mass token dumps leading to token dumps rampant in the meme coin space. Sonik Coin seeks to replicate the success of coins like $PEPE and $SPONGE but achieve the feat in a shorter time frame.

SONIK Project Roadmap

According to the exciting roadmap, the project will unravel in three stages. Stage one focuses on the token and staking development, Sonik Meme Creation, and the $SONIK presale.

Stage two will feature the $SONIK staking launch to the general community, marketing campaign deployment, and SONIK boom sell-out.

The third stage will focus on community building, distributing staking rewards, and zooming towards achieving a 100 million market cap target.

Based on the popularity of the Sonic the Hedgehog character, SONIC will likely replicate similar success in the crypto world. However, investors must conduct proper research.

Presale and Token Supply

$SONIK is on presale with a total supply of approximately 299.79 billion coins; this supply tallies with the value of the speed of light showing the project’s desire to speed up profit.

🚀 Welcome to the world of $SONIK! 🦔💨

Get ready to experience the fastest #Crypto meme coin in action! 🔥

🌐 Join our #Presale now and be part of #MemeCoin history!

👉https://t.co/NkNhQrZ41q #Sonik #AltGem #Altcoin pic.twitter.com/BsnUlKCZfZ

— SONIK COIN (@Sonikcoin) August 3, 2023

The presales are ongoing with 1 SONIC token worth $0.000014. Interestingly, only approximately $2,098 million will be distributed in the presale.

It implies that investors must act fast before the tokens are sold out. Users can purchase $SONIK with ETH or USDT by connecting a secure crypto wallet to complete the process.