Sui, known as the “Solana killer,” has been performing well over the past few weeks, making it one of the best performing tokens in the industry.
The native token of the Sui Network (SUI) has been on the rise for the past four consecutive days. It traded at $0.9820, its highest level since August 27, and has jumped more than 100% from its August low.
Bitcoin (BTC) rose by 10% during the same period.
Sui’s recovery occurred in a high trading volume environment. Data by Queen Gecko It shows that the volume of the currency in the spot market has been slowly increasing. Volume jumped to more than $413 million on Saturday, September 8, its highest level since August 24.
Additionally, as shown below, Sui’s open interest in the futures market has risen for the past six consecutive days, hovering around its highest point since August 13.
Revenues reached more than $228 million, up from last month’s low of $130 million.
Sui also had some other positive fundamentals. Its weekly DEX volume reached over $222 million, making it the 10th largest DEX chain. The most active DEXs were Cetus, DeepBook, Turbos, and Kriya. Their monthly volume increased by 10%. Three consecutive monthsreaching $1.35 billion in August.
Meanwhile, a lot is happening behind the scenes. For example, SuiPlay, the world’s first Web3-powered mobile gaming device, will launch in the first half of next year. Pre-orders are now open for the device, priced at $599.
There’s also Mysticeti, an upgrade that has resulted in faster settlements while continuing to build a case for why it’s a better blockchain than Solana.
The price is approaching a key level.
Technically, the stock is approaching the psychologically important resistance point at $1. Additionally, it has formed an inverse head and shoulders pattern, which is a common bullish reversal sign.
The coin also surpassed the 23.6% Fibonacci retracement level, making it a support level. It also jumped above the 50-day moving average.
Sui price is expected to continue rising, with the next point to watch at $1.1154 – the August 12 high – and the 38.2% retracement point.