- Sui (SUI), an emerging Layer-1 blockchain project, is among the top performers with a 6% price increase in the last 24 trading hours.
- An on-chain puzzle release, boosting transactions on the Sui blockchain, is attributed to the token’s positive price trajectory.
Despite the prevailing bearish sentiment in the crypto market, Sui (SUI) — an innovative Layer-1 blockchain project — has managed to secure a firm foothold in the top echelon of performers. With a 6% price increase over the past 24 hours, SUI has defied the odds, asserting itself amongst the top-performing altcoin projects.
Decoding the Sui (SUI) Surge
Over the course of the week, this altcoin has added a notable 12% to its value. This upward momentum, undeterred by the overall market sentiment, can be largely credited to the recent release of an on-chain puzzle, a feature that has exponentially escalated transactions on the Sui blockchain.
Currently, with a value of $0.74, the so-called ‘Solana Killer’ traded blockchain is navigating around a crucial resistance area. If SUI can sustainably breach the resistance at $0.75, a subsequent rise back to the progression high from June 22 around $0.86 can be anticipated.
If the SUI price can overstep this area in the mid-term, a march up to the previous demolition edge at $0.93 seems plausible. Should the overall crypto market continue its recovery, the resistance mark of $1.02 emerges as the next relevant price target.
On the flip side, if a sustainable stabilization above $0.75 fails and the price significantly recoils southward, a retest of the monthly low at $0.63 might be on the horizon. If this area offers no respite in the mid-term, the price of the Layer-1 blockchain could potentially tumble back to the yearly low of $0.51.