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Information about Sui (SUI)
Sui is a high-performance smart contract platform under a Monolithic structure. In particular, a Monolithic blockchain is a blockchain that handles all tasks and jobs on a single network. Sui is scalable up to several hundred thousand TPS (number of transactions processed per second) and block times range from 2 – 3s.
Sui's goal is to expand Web3's ecosystem, providing an infrastructure with the right incentives for developers to quickly build and launch applications.
Sui uses the MOVE programming language and Narhal-Tusk, a consensus algorithm that solves the Mempool problem - consensus in traditional blockchain designs like Ethereum & Bitcoin. Based on this specification, the Sui blockchain allows the network to scale horizontally, able to support millions of transactions per second without requiring dedicated nodes in the network.
SUI is a native coin of the Sui ecosystem and can be used to:
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News
Sui has achieved a remarkable milestone by attaining 60 billion USD in total DEX volume, which demonstrates a significant 23.27% increase over the past 30 days. This growth signifies the rising adoption and popularity of Sui in the decentralized exchange sector.
Community engagement levels are moderate, with a social dominance at 0.78%. Meanwhile, open interest rose by 2.74% to 697.37 million USD, suggesting that traders are preparing for potential price movements amid cautious market sentiment.
SUI has faced a significant decline of 43% since the start of the year, struggling to attract investor confidence. The current price sits at 3.25 USD, and investor skepticism curtails its potential recovery.
The MACD indicates a possible bullish crossover, yet weak participation reflected in the Chaikin Money Flow suggests ongoing capital outflows. Maintaining the support level at 3.18 USD is crucial, with a potential drop to 2.85 USD threatening the recovery.
SUI recorded a trading volume of 615 million USD, placing it ahead of Avalanche as the sixth-largest blockchain. Even with a 4% rise in price, SUI is still down 29% for the month, indicating ongoing bearish sentiment.
To reclaim upward momentum, SUI needs to break through the key resistance at 3.94 USD, targeting 4.25 USD. However, failure to maintain support at 3.35 USD may push the price down to 2.97 USD or lower.
SUI trading volume is $670.81m. Market capitalization reaches 272.263t.
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