Sui is an innovative layer 1 blockchain and smart contracts platform designed for fast, private, secure and accessible digital asset ownership.

Key developments

Sui has made notable progress, including opening a hub in Dubai to foster blockchain innovation for developers and government agencies. It partnered with ONE Championship to integrate its technology into a mobile game and comic book series, improving fan interaction. Since the start of 2024, the platform has seen a 219% increase in monthly active developers and nearly doubled its total value locked in DeFi applications. Additionally, Sui secured $5 million in seed funding to expand its operations while continuing to develop its Sui Move programming language and dual consensus mechanism.

Whale activity and price movement

Recent activity among Sui whales has peaked, driving a 16% increase in SUI price over the past week as major investors look for new opportunities. Whales are investing in the emerging Mpeppe Project (MPEPE), an AI-powered decentralized casino platform offering unique gaming experiences and revenue sharing options. A significant whale has invested $5.4 million in Mpeppe, demonstrating confidence in the potential of decentralized mobile gaming. This trend reflects a growing interest in projects combining gaming and decentralized finance (DeFi).

Price analysis

After a slight sell-off, SUIUSD showed signs of recovery. A daily close above $2.35 will confirm an uptrend. SUIUSD has surged nearly 30% this week, currently trading around $2.065. It remains well above the short-term (34 and 55 EMA) and long-term moving averages. If the pair closes below $0.45, it could invalidate the bullish outlook. Immediate support is $2, with further downside targets at $1.59, $1.27, and $1.

Resistance is positioned around $2.35, with a break suggesting a potential increase to $2.57 or even $3. A break above $3 could push the price to $3.50. It is advisable to consider buying on dips near $2, with a stop loss of around $1.59 and a price target of $3.