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Sui is an innovative Layer 1 blockchain and smart contract platform designed for fast, private, secure, and accessible digital asset ownership.
QuickNode's Integration with Sui Network
QuickNode has announced its integration with the Sui Network, a Layer-1 blockchain, to improve Web3 scalability and adoption. This partnership, revealed on December 11, 2024, will help developers by providing fast infrastructure that simplifies building decentralized applications (dApps). Sui Network is known for its quick transaction processing, making it ideal for areas like decentralized finance (DeFi) and blockchain gaming. QuickNode’s tools will make it easier and faster for developers to create applications without worrying about complex backend issues. Overall, this integration aims to make it easier for more people to use blockchain technology.
Total Value Locked in Sui Network
The Total Value Locked (TVL) in the Sui network has increased from $1.51 billion to $1.87 billion as of December 6, 2024, showing strong growth and user interest. This rise began after the TVL surpassed $1 billion on September 30, 2024, and has continued to grow. Key factors include the integration of the stablecoin USDC, which improved liquidity, and the success of DeFi protocols like NAVI. The growing TVL indicates more assets are being used on the platform, suggesting increased user confidence. Overall, Sui is becoming a strong competitor among Layer-1 blockchains, drawing more developers and users in the DeFi space.
Market Performance of SUIUSD
Following a minor sell-off, SUIUSD surged sharply. A daily close above $5 will confirm a bullish trend, as the SUIUSD has jumped nearly 45% this week and is currently trading around $4.87. It remains well above both short-term (34 and 55 EMA) and long-term moving averages. If the pair closes below $2.95, it could invalidate the bullish outlook. Immediate support is at $3.80, with further downside targets at $3.37, $2.95, and below.
Resistance Levels and Trading Strategy
Resistance is positioned around $5, with a breach suggesting a potential rise to $5.20 or even $6. A breakout above $6 could drive the price to $7. It is advisable to consider buying on dips near $4, with a stop loss around $2.90 and a target price of $7.
