Sui (SUI) has gone down by 1.7% in the past week after the token found strong selling pressure following a bullish breakout above the $4 level.
Despite this temporary setback, SUI has delivered gains of nearly 70% in the past month as institutional interest in the Sui ecosystem has been growing rapidly.
Earlier this month, the developing team announced a partnership with the Switzerland-based asset management firm 21Shares that could upend the market’s Sui price forecast.
This collaboration was announced during the project’s annual Basecamp conference. According to statements from the head of the two companies, the partnership will focus on “product collaborations, research reports, and other initiatives.”
Sui’s DeFi ecosystem is still rather small compared to key competitors like Solana. Data from DeFi Llama indicates that its total value locked (TVL) at the moment stands at $2 billion, while its peers’ TVL exceeds the $9 billion mark.
However, Sui’s blockchain is more efficient than the latter as it can process a higher number of transactions per second (TPS).
Collaborating with a company like 21Shares could accelerate Sui’s ecosystem growth and draw additional capital from institutional investors to increase the network’s TVL, which typically results in higher demand for SUI and a corresponding boost to its price.
SUI Price Prediction: The Rally is Not Necessarily Over Despite Trend Line Break
The daily chart shows that the latest two-day losing streak for SUI has resulted in a trend line break that may anticipate a strong pullback for this utility token.
However, the mid-term outlook is still bullish as SUI made a ‘golden cross’ – a buy signal triggered when the 21-day exponential moving average (EMA) crosses above the 200-day EMA.
This pullback could offer late buyers the chance to enter the rally at a lower price. The Relative Strength Index (RSI) had already entered overbought levels in the past few days, meaning that buyers were getting a bit out of hand as FOMO kicked in.
This correction could push SUI to its nearest supports – the 21-day and 200-day EMA. Meanwhile, if SUI stays above $3.55, it will avoid breaking its bullish structure and it will confirm that the rally still has enough fuel to go on and rise to a new all-time high.
Apart from Sui, the best crypto presales of the year like MIND of Pepe (MIND) are also poised to deliver strong gains as a fresh bullish cycle begins.
MIND of Pepe (MIND) Raises More Than $9M to Launch its Powerful AI Agent
MIND of Pepe (MIND) is an AI agent inspired by the viral meme Pepe the Frog that leverages the power of artificial intelligence to take social media platforms like X by storm.
By interacting with high-profile accounts and regular users, the agent will progressively gain influence. It will primarily discuss topics associated with meme coins to collect information about social trends and new opportunities that it will pass on to $MIND holders exclusively.
As its influence grows, the agent will launch its own meme coins to monetize these trends and $MIND holders will get front-row seats to buy these tokens at a discounted price to reap the highest returns.
To buy $MIND at its presale price of $0.0037515, head to the MIND of Pepe website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH for this token or use a bank card to make your investment.
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