Sui (SUI) saw a significant increase in price, rising over 11%, while Bitcoin and Ethereum experienced a dip below key levels. This surge in SUI’s value was driven by the news that BytePlus, a subsidiary of ByteDance, has chosen to enter the world of Web3 through the Sui blockchain.
Despite the overall market downturn, with Bitcoin falling below $61k and Ethereum below $3,000, SUI managed to maintain its upward trend. Although it has not yet reached its recent peak of $2.17, SUI’s jump to $1.27 in the past 24 hours outperformed most other altcoins in the top 100 by market cap.
So why did SUI’s price rise while other altcoins were struggling? On April 17, the Sui team announced that BytePlus would be joining their network, bringing their popular gaming and social apps to the layer 1 blockchain. This partnership has the potential to drive adoption of Web3 on Sui, as developers now have access to BytePlus services such as content distribution, personalization, and user engagement tools.
In terms of SUI’s price outlook, the token has shown resilience compared to other cryptocurrencies, with its value increasing as Bitcoin’s price fell. This may be due to recent token unlocks, but the major news development of BytePlus joining Sui likely had a positive impact as well.
SUI has also seen a rise in value after Mysten Labs released their Pilotfish product, and when the stablecoin First Digital USD (FDUSD) expanded to Sui, making it only the third blockchain network to support the new stablecoin (along with Ethereum and BNB Chain).
Currently, SUI is trading above $1.27, with potential for further gains towards the $1.50 resistance level. If bulls continue to push, the all-time high of $2.17 from March 27 could be reached. On the downside, SUI may find support at $1.00 and potentially $0.79.
In conclusion, SUI’s recent price increase can be attributed to the positive news of BytePlus joining the network and other partnerships and developments. With a potential for further gains and a strong support level, SUI remains a promising token for investors and traders.
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Categories: Cryptocurrency
Tags: Sui, SUI price, BytePlus, Web3, ByteDance, Mysten Labs, Pilotfish, FDUSD, stablecoin, Ethereum, BNB Chain.
