finbold.com
Judging by rising institutional interest and capital inflow, Sui ($SUI) might be a ‘core pillar’ of the upcoming bull cycle, according to cryptocurrency analyst Michaël van de Poppe.
Accordingly, van de Poppe argued on June 9, that is only a matter of time until we see a new all-time high for $SUI.
“$SUI remains to be one of the core pillars of the upcoming bull cycle… It’s a matter of time until this one continues to rally towards a new ATH.” — Michaël van de Poppe.
As per CoinMarketCap, $SUI now ranks as the 9th highest blockchain by total value locked (TVL). Suilend, a decentralized lending protocol built on Sui, has also seen no less than a 90% increase in TVL over the past month, locking in a total of $700 million.
Likewise, Bitcoin ($BTC)-related assets now account for over 10% of $SUI’s TVL, while multiple financial institutions have filed for a $SUI-based exchange-traded fund (ETF).
$SUI performance
While a significant portion of Sui’s growth is due to $BTC-pegged assets and protocols like Babylon and Lombard, the network also boasts over $1.1 billion in circulating stablecoins. The relative strength indicator (RSI) remains neutral at 44.
Moreover, its weighted funding rate has remained positive for nine consecutive days, and the $SUI token is breaking out of a long wedge pattern. Both these facts indicate a consistent bullish trend.
Even more notably, $SUI has recently shown a golden cross pattern. That is, its short-term (50-day) moving average crosses above the longer-term (200-day) moving average. This pattern is widely regarded as an early indicator of a sustained uptrend. In 2024, it preceded $SUI’s 380% rally.
However, traders should remain cautious. Regulatory uncertainty around the delayed $SUI ETF approval, for example, remains a near-term risk. What’s more, the golden cross pattern is not an infallible benchmark.
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