Ethereum

Strong

Resistance

Rise

<ul> 
 <li aria-level="1">Sui blockchain experienced higher net inflows than Ethereum and Solana combined, reaching $24.3 million in recent data.</li> 
 <li aria-level="1">On a month-to-date basis, Sui’s net inflows stood at $19.3 million, surpassing Solana’s $12.3 million significantly.</li> 
</ul> 
Sui, a rising blockchain technology, has surpassed both Ethereum and Solana in net inflows, suggesting a shifting preference among blockchain users. Adeniyi Abiodun, a co-founder of Mysten Labs which develops Sui, noted that the blockchain saw net inflows totaling $24.3 million, outperforming its competitors over the last week. 
This surge places Sui in a promising position relative to Ethereum and Solana, with its monthly inflows reaching $19.3 million compared to Solana’s $12.3 million. The influx is indicative of growing investor confidence in Sui’s capabilities and potential as an emerging force in the blockchain market. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">: <a href="https://twitter.com/hashtag/Sui?src=hash&amp;ref_src=twsrc%5Etfw">#Sui</a> recorded higher net inflows than Solana and Ethereum combined with $24.3M. <a href="https://t.co/sMUM9RIGcn">https://t.co/sMUM9RIGcn</a> 
 — Adeniyi.sui (@EmanAbio) <a href="https://twitter.com/EmanAbio/status/1852696743147888899?ref_src=twsrc%5Etfw">November 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Despite its recent gains, Sui faces challenges. The SUI/SOL ratio, which measures Sui’s performance relative to Solana, showed a decline in October, signaling a potential underperformance against Solana despite its overall growth. 
This could point to a cooling-off period for <a href="https://www.ethnews.com/native-usdc-officially-launches-on-sui/">Sui</a> after its significant run-ups in August and September, where it saw a 300% increase in the SUI/SOL ratio. 
Moreover, Sui has shown signs of <a href="https://www.ethnews.com/sui-records-a-significant-monthly-increase-of-16-6-with-recent-trading-volumes-surging-by-93-54-to-1-1-billion/">robust network engagement</a>, with a 5% increase in new accounts over the past week, totaling 862.7K. This reflects a heightened interest in altcoin, potentially setting the stage for future price appreciation. 
<figure id="attachment_103261" aria-describedby="caption-attachment-103261" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-103261" src="https://www.ethnews.com/wp-content/uploads/2024/11/Screenshot-2024-11-03-125807.png" alt="" width="1875" height="481">
 <figcaption id="caption-attachment-103261" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Current trading patterns on Binance also show a balanced sentiment among traders, with long positions slightly outweighing shorts. 
However, Sui’s future price movements remain uncertain. The cryptocurrency has established strong support above $1.6, which historically triggered rebounds in September and October. 
Should <a href="https://www.ethnews.com/sui-token-surges-past-2-amidst-record-high-transaction-volume/">this pattern persist</a>, Sui could see a recovery towards the $2 mark, representing a 16% potential increase from its current support levels. 
<figure id="attachment_103252" aria-describedby="caption-attachment-103252" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-103252" src="https://www.ethnews.com/wp-content/uploads/2024/11/SUIUSDT_2024-11-03_17-33-55.png" alt="SUIUSDT_2024-11-03_17-33-55" width="1633" height="959">
 <figcaption id="caption-attachment-103252" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
SUI is currently trading at $1.9218, up 0.71% for the day. Over the past week, SUI has gained 7.32%, and over the past month, it has increased by 15.64%, reflecting a solid bullish trend.&nbsp; 
The trading volume in the last 24 hours is approximately $546.05 million, indicating active market interest. Key resistance levels are around $2.07, where recent price action faced rejection, while immediate support lies near $1.90.&nbsp; 
Technical indicators suggest a cautious but positive outlook, with the potential for further upside if SUI can break through the $2.07 resistance level. A drop below $1.90 could signal a short-term pullback. 
The post <a href="https://www.ethnews.com/sui-maintains-strong-support-above-1-6-suggesting-a-potential-price-rebound-and-a-rise-towards-2-resistance/">Sui Maintains Strong Support Above $1.6, Suggesting A Potential Price Rebound And A Rise Towards $2 Resistance</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Sui Maintains Strong Support Above $1.6, Suggesting A Potential Price Rebound And A Rise Towards $2 Resistance

ETHNews

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