SUI Price Analysis: Native Token of Sui Network Responds Positively to Market Conditions, Hitting an All-Time High of $2.38

The native token of the Sui Network (SUI) surged by 2.95% in the last 24 hours, hitting an all-time high of $2.38. This occurred amid a wave of optimism in the crypto market following the victory of Donald Trump in the 2024 elections.

If SUI were to maintain this upward momentum and close above $2.36, it could pave the way for a rise toward the 141.40% Fibonacci extension.

However, if the token fails to maintain this level of buying pressure and experiences a pullback, traders may want to consider taking profits near the psychological level of $3.00.

Moreover, the Moving Average Convergence Divergence (MACD) indicator reinforced Sui’s bullish trend, showing a crossover signal on Wednesday’s chart, with the MACD line (blue) surpassing the signal line (yellow).

The MACD is a momentum indicator that shows the relationship between two moving averages of a security’s price.

This indicator is used to identify changes in a security’s momentum and to spot potential buying or selling opportunities.

When the MACD line crosses above the signal line, it is considered a bullish signal, indicating that the security’s price is rising faster than its moving average, and that buying pressure is increasing.

Conversely, when the MACD line crosses below the signal line, it is considered a bearish signal, indicating that the security’s price is rising slower than its moving average, and that selling pressure is increasing.

Beyond its impressive price action, the SUI ecosystem has witnessed a significant expansion in decentralized applications (dApps), including decentralized exchanges (DEXs), meme coins, and lending protocols.

According to CoinGecko, the market capitalization of meme coins within the SUI ecosystem has surged by 170%, reaching $296 million.

Notable tokens such as sudeng ($HIPPO), Fud the Pug ($FUD), and AAA Cat ($AAA) have taken the lead on the network, attracting large communities and witnessing significant price surges.

On November 6, the network announced in its official X account a strategic integration with Google Cloud facilitated by ZettaBlock.

As part of the partnership, developers will have direct access to Sui blockchain data through Google Cloud’s BigQuery public datasets.

This offers developers powerful analytics tools, allowing them to gain deep insights and build innovative dApps.

Mysten Labs, the creator of Sui, has further integrated AI into its ecosystem by developing an AI-based code auditing tool.

Sui 的創建者 Mysten Labs 透過開發基於人工智慧的程式碼審計工具，進一步將人工智慧融入其生態系統。

This tool aims to enhance the security of smart contracts deployed on the Sui blockchain by automatically scanning and identifying potential vulnerabilities in the code.

With the help of this tool, developers can save time and effort in the auditing process, ensuring that their dApps are secure and ready for production.

Moreover, Sui unveiled its inaugural global SuiHub in Dubai, created in collaboration with Ghaf Group, a key blockchain partner in the Middle East and North Africa (MENA) region.

This hub will support Web3 startups by providing local entrepreneurs with access to funding, mentorship, community events, and more.

Adding on to its achievements, the SUI ecosystem is strengthened by the integration of Circle’s native USDC, a leading stablecoin, within the SUI network.

This integration enhances liquidity, boosts transaction efficiency, and improves the overall user experience in the SUI ecosystem.

At press time, SUI was trading at $2.28 after surging by 2.95% in the last 24 hours. The asset’s daily trading volume slightly dropped by 44.19% and is currently standing at $1.10 billion.