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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’s price increased to 2.13 USD, gaining 10% after a 90-day tariff pause. Despite this, SUI is still down 7% weekly and 23% bi-weekly. Its trading volume reached 1.9 billion USD today, reflecting strong market interest.
With solid fundamentals indicating potential for recovery, Sui’s chart suggests a possible upward trend. If trade tensions resolve positively, Sui may benefit and gain further traction in the market.
Canary Capital has submitted a proposal to the SEC for the Sui ETF, which intends to track the SUI digital asset. The ETF may stake a portion of its assets through trusted providers, potentially generating rewards as income.
The SUI asset has a market capitalization of about 6.7 billion USD, ranking it as the 21st largest cryptocurrency. This proposal comes after the SEC’s recent approval of other crypto ETFs, highlighting a growing trend in the crypto ETF market.
Currently, SUI trades at 2.22 USD, down 8.73% in the last 24 hours. The market shows strong bearish control, highlighted by liquidation data indicating long positions are pressured, revealing an imbalance favoring sellers.
Sentiment remains cautious with negative funding rates indicating dominance of short positions. Unless SUI breaks above 2.52 USD decisively, risk of further declines persists, making a bullish reversal uncertain.
SUI’s price is trading at $2.65, close to significant resistance at $2.77. Breaking this level could lead to a recovery towards $3.00.
The market shows strong investor sentiment with Open Interest up 50%, indicating confidence in SUI’s potential despite recent bearish signals.
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