SUI price is slowly forming a bullish flag and a golden cross

Sui (SUI) token was trading at $3.40 on Saturday, up by 94% from its highest level in April this year.

The price of Sui (SUI) has been slowly forming a bullish flag and a golden cross, which might point to a strong breakout as its funding rate turns positive and decentralized finance assets jump.

According to data from third-party sources, Sui token was trading at $3.40 on Saturday, up by 94% from its highest level in April this year.

This year, Sui has become one of the fastest-growing players in the crypto industry. As third-party data shows, the amount of assets locked in its decentralized exchange network has increased by 40% over the last 30 days, to $2.45 billion.

This growth has made it the 9th biggest blockchain in the industry, outperforming popular networks like Avalanche (AVAX), Polygon (POL), and Cardano.

According to the latest data from Token Terminal, the stablecoin market cap has risen to $897 million, which means that it may soon cross the $1 billion milestone. The number of stablecoins in a blockchain network is a positive sign as it shows that users are actively interacting with it.

Further data reveals that DEX protocols on the Sui blockchain are seeing more traction among users. Their total transaction volume stood at over $2.9 billion in the last seven days and $11.2 billion in the previous 30 days. Among the biggest protocols, Cetus, Momentum, and Bluefin led the market share in this period.

At the same time, the eight-hour funding rate has turned positive and is now pointing upwards, which signals that the price of a perpetual contract is higher than the spot one. It is a bullish sign as it shows that more traders are betting on the price increase.

The daily chart shows that SUI coin has increased in the past few weeks, moving from a low of $1.7290 on April 7 to $3.4 today. It is slowly forming a bullish flag pattern, a popular continuation sign.

Also, the chart shows that Sui token is forming a golden cross pattern, which happens when the 50-day and 200-day moving averages are about to cross each other. This pattern is another bullish signal that could lead to a strong breakout.

If the price continues moving upwards, the next target to watch is $5.395, its all-time high, which is about 60% above the current level.