Will $1B Stablecoin Milestone Propel Sui Price to ATH?

Sui price has rallied by 120% from its lowest level in April, and is now forming a bullish flag pattern that points to an eventual surge to its all-time high. The rising stablecoin market cap, which is nearing the $1 billion milestone, will help to supercharge this rally. Sui Price to Benefit as Stablecoin Market Cap Nears $1 Billion Sui price rose to $3.80 on Thursday after soaring by 12% in the last 24 hours. This recovery happened in a high-volume environment, with the 24-hour figure jumping by 47% to $2.18 billion. A potential catalyst that may propel Sui to its all-time high will be its growing stablecoin position. DeFi Llama data shows that the market cap of all stablecoins in the ecosystem has gone parabolic in the past few months and is slowly nearing the $1 billion milestone. These stablecoins have a market cap of $913 million, higher than the January 1 level of $317 million, a nearly 200% increase. Therefore, if the trend continues, it means that these stablecoins will hit $1 billion either this month or in June. A rising market cap of these coins is a bullish sign for a blockchain because it shows how active its network. It also helps to boost the chain revenue since it takes a small cut for all stablecoin transactions in the network. As the chart below shows, Sui’s chain revenue has held steady above $40,000 a day in the past few weeks. Sui price will also benefit from the growing performance of its decentralized exchange (DEX) volume. Its volume jumped to over $11.65 billion in the last 30 days, making it bigger than other popular chains like Cardano, Avalanche, and Tron. Sui Coin Price Analysis: Bullish Flag Points to More Gains The daily chart shows that the Sui Coin price bottomed at $1.7028 in April. It then formed a double-bottom-like pattern at $2 with a neckline at $2.820. It has surged above the neckline and is nearing the crucial resistance at $4. Most importantly, Sui price has formed a bullish flag pattern consisting of a tall vertical line and a rectangle pattern. Therefore, this pattern points to more gains, with the next point to watch being the all-time high of $5.4, which is about 40% above the current level. On the flip side, the bullish Sui Coin price forecast will become invalidated if it drops below the lower side of the flag at $3.10. Such a drop will lead to more downside, potentially to the double-bottom neckline at $2.82. Frequently Asked Questions (FAQs) Yes, chances are that the coin will soar to an all-time high since it has formed a bullish flag chart pattern. The other top catalysts that will push the value of Sui is the ongoing surge of stablecoin market cap in the network. Also, the other catalyst is the growing DEX volume in the network Sui has the technicals and fundamentals it needs to keep going up in the near term. ✓ Share: crispus Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/markets/will-1b-stablecoin-milestone-propel-sui-price-to-ath/