SUI surpassed the TON network in terms of market capitalization on December 21st.
The rise in market capitalization comes in the backdrop of SUI price trading with an upwards of 14%.
At press time, the coin is trading at $4.64, up 11.02% as compared to the same time last day. The market capitalization of $SUI at present stands at $13.58 billion while that of TON stands at $13.54 billion.
SUI Garners Market Attention
Since the beginning of 2024, SUI has outperformed TON as the best-performing public chain token in terms of price. The Sui blockchain network’s native coin, $SUI, is well-known for its several potential applications. The main reason why the ecosystem and the coin have garnered market attention is because of quick transactions.
Additionally, Sui has the potential to be a platform for the creation and management of digital assets, including non-fungible tokens (NFTs), due to its object-centric model and on-chain storage capabilities.
Sui also makes use of Move, a programming language that is thought to be among the most potent for creating smart contracts and is derived from Rust. Developers can create user-friendly experiences as a result of this, making the experience less cumbersome for investors.
Read Also: Sui Shatters Records, $555M DEX Volume in 24 Hours, Enters Top 5 Chains by Volume
SUI’s Partnership With Ant Digital
Another reason for SUI’s recent gain in value is because of its partnership with Ant Digital. As UnoCrypto reported earlier, the partnership was signed on December 14th between Sui and Ant Digital.
Accelerating the global integration of RWA (real-world assets) into the Web3 ecosystem was the aim of the collaboration between Ant Digital Technologies and its Web3 technology brands ZAN and Sui.
Through the agreement, ESG-backed real-world assets will be ready to move forward with financialization and become accessible to investors. Through this agreement, ESG-backed real-world assets will be tokenized and made available on Sui for the first time, bringing them onto the blockchain.
These physical assets, or “notes,” will belong to a world-renowned manufacturer of solar materials and a technology innovator who has won numerous awards.
$SUI Price: What Do Market Indicators Say?
SUI’s price has been seeing good trading days for the past month. At present, the Fear & Greed Index is currently at 73 (Greed), indicating a bullish attitude based on our technical indicators.
Over the previous 30 days, Sui Crypto saw 14 out of 30 (47%) green days and 12.71% price volatility. Market parameters indicate that the overall mood for the Sui Crypto price prediction is positive, with three technical analysis indicators indicating negative signs and 22 indicating bullish indications.
If the optimism continues, in the upcoming month, Sui’s 200-day SMA is expected to grow, reaching $ 2.99 by January 20, 2025. During the same time, the short-term 50-day SMA for Sui is predicted to reach $7.28.
To determine if a cryptocurrency is overbought (above 70) or oversold (below 30), one common indicator is the Relative Strength Index (RSI) momentum oscillator. At present, the SUI market is in a neutral position, as shown by the RSI reading of 62.40.
Read Also: Sui Network Resumes Operations After Two Hours Of Outage; SUI Price Tumbles 0.7% Meanwhile