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The crypto market once again experienced a sell-off this week, leading to a plunge in the price of many crypto assets. The impact of this market downturn is not limited to Bitcoin alone, as it has affected various cryptocurrencies, including Sui (SUI), a Layer 1 smart contract platform. Sui has witnessed a significant decline of 15% in its value over the past seven days, reflecting the broader negative sentiment prevailing in the market.
Sui Dips Below $1 Support Levels
SUI experienced a significant setback this week, breaching its crucial support level at $1. This support had been maintained since early May, providing stability for the token during that period. However, after enduring two weeks of downward-sloping resistance from above, SUI finally succumbed to selling pressure.
Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red
The token’s decline reached a low point of $0.95 on Wednesday, marking an all-time low for SUI since its launch at the beginning of the month. This sharp drop highlights the prevailing bearish sentiment surrounding the token and its challenges in the current market conditions.

Technical Indicators Point To Potential Bearish Path
Sui, a layer 1 smart contract platform, distinguishes itself with its unique programming language called ‘Move.’ Developed by the lead executives of Meta’s now-defunct Diem stablecoin project, Sui aims to address common pain points of first-generation blockchains, such as scalability and programmability.
Despite its innovative approach, Sui has struggled to generate substantial gains since its inception in the trading market. In the short term, the coin may continue to experience lower lows. According to technical analysis on TradingView, the current conditions indicate that asset selling might be prudent. Seven of the 11 daily technical indicators are signaling a ‘strong sell,’ with no indicators displaying buy signals.
Related Reading: Aptos Hackathon, Partnerships Set APT Bulls Up For A Strong Run
Additionally, the relative strength index (RSI) for SUI is currently hovering slightly above 40. With the RSI above 40, it suggests that there is a moderate level of buying pressure, but the overall sentiment remains uncertain.

To counteract this bearish trend, Sui would need to reclaim the $1.05 level as support, which could provide a foothold for potential recovery. However, if Bitcoin fails to maintain its support at $26,000, Sui will likely face further downward pressure, potentially sinking as low as $0.90.
Given the current market conditions and technical indicators, investors and traders should exercise caution and closely monitor Sui’s performance. Evaluating factors such as market sentiment, trading volume, and overall market dynamics will be crucial in determining the future trajectory of Sui and whether it can reverse its bearish trend. At press time, SUI price was $0.987 $ with a 24-hour trading volume of $89,278,135 USD.
-Featured image from iStock, charts from CoinMarket and TradingView.com


The crypto market once again experienced a sell-off this week, leading to a plunge in the price of many crypto assets. The impact of this market downturn is not limited to Bitcoin alone, as it has affected various cryptocurrencies, including Sui (SUI), a Layer 1 smart contract platform. Sui has w...

newsbtc.com

Sui (SUI) Continues Downward Trend As Bears Maintain Control

The crypto market is still experiencing a drawn-out lull after an impressive rally but one trader has painted a bullish picture for a couple of altcoins in the market. The trader puts the likes of SUI, ARB, and BLUR in their analysis, giving them a high likelihood of a rally.
50% Upside Possible For ARB, SUI, And BLUR
Taking to Twitter, a pseudonymous crypto trader known as Altcoin Sherpa told his almost 196,000 followers that he is expecting significant upside for some coins including SUI, ARB, and BLUR. According to Sherpa, many altcoins including the ones mentioned are already marking a bottom, which could point to a short-term reversal for them.

The charts posted alongside the tweet showed similarities across the 25-day, 55-day, and 89-day EMAs of these altcoins, all pointing to a similar moving trend for all of them. If Altcoin Sherpa’s analysis is correct, the ARB, BLUR, and SUI could all move at least 50% higher than their current prices.
https://twitter.com/AltcoinSherpa/status/1660997465808465920?s=20
However, it is not all good news according to Sherpa’s analysis. While he does see bullish sentiment for these altcoins in the short term, he cautions that they could be followed by a dump right after. In the case of BLUR, it could be due to the coin unlocks that are set to take place next month.
Nevertheless, a 50% move from here for these three assets would not be localized to them alone. As such, it would be a welcome development for the rest of the crypto market given that all of the market is likely to move up in tandem with large assets like Bitcoin for this to happen.
What Does The Crypto Market Say?
Presently, the general crypto market sentiment is at a stalemate, leading to the muted movement that is being recorded across the space price-wise. With the Fear & Greed Index sitting at a neutral 50, there is mostly reluctance among investors to make a move.


What this provides is either a bounce point for bulls for further upside, or it gives bears the time to mount adequate resistance. The former would see prices increase rapidly if that were the case. However, the latter could propel the crypto market into another crash, sending Bitcoin back to the $25,000 region.

If a crash happens, then this forecast for SUI, ARB, and BLUR could be invalidated very quickly. Unless there is a switch in investor sentiment into greed, such a development could send assets in the space to new local highs.



The crypto market is still experiencing a drawn-out lull after an impressive rally but one trader has painted a bullish picture for a couple of altcoins in the market. The trader puts the likes of SUI, ARB, and BLUR in their analysis, giving them a high likelihood of a rally. 50% Upside Possible ...

bitcoinist.com

Crypto Trader Predicts 50% Upside For BLUR, ARB, And SUI

Coinbase customers can now buy and sell Sui Network (SUI), the token of a newly launched layer-1 blockchain.
The mainnet of Sui Network went live in early May, and the project has a total supply of 10 billion SUI tokens, but only 5.28% of those tokens are available for retail trading.

The Aptos (APT) competitor uses the same coding language, Move, which was originally developed for Meta’s attempt at developing a digital asset. Sui Network runs on a delegated proof-of-stake (dPOS) consensus mechanism and aims to provide low latency and high throughput.
Mysten Labs, the developers behind the project, raised $300 million late last year at a $2 billion valuation.
Coinbase, which placed SUI on its listing roadmap last week, added support for the asset under its “Experimental Label,” a designation the exchange established for riskier, lower liquidity tokens.
Rival exchange Binance rolled out support for SUI on its Launchpool platform earlier this month, meaning its users can either stake True USD (TUSD) or Binance Coin (BNB) to receive SUI tokens.
SUI is trading at $1.15 at time of writing. The 75th-ranked crypto asset by market cap is down by nearly 4% in the past 24 hours but up more than 7% in the past week.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post Newly Launched Aptos (APT) Rival Officially Kicks Off Trading Under Coinbase’s Experimental Label appeared first on The Daily Hodl.


Coinbase customers can now buy and sell Sui Network (SUI), the token of a newly launched layer-1 blockchain. The mainnet of Sui Network went live in early May, and the project has a total supply of 10 billion SUI tokens, but only 5.28% of those tokens are available for retail trading. The Aptos (...

dailyhodl.com

Newly Launched Aptos (APT) Rival Officially Kicks Off Trading Under Coinbase’s Experimental Label

[PRESS RELEASE – New York, United States, May 19th, 2023]
Hyperspace, the pioneering NFT marketplace, and launchpad, today announced a partnership with Mysten Labs, a web3 infrastructure company and original contributor to Sui, a Layer 1 blockchain, to help bring Hyperspace onto the protocol.
As one of the leading open web marketplaces for NFTs, Hyperspace drives openness and composability in web3 through its full suite of user-friendly NFT products, allowing users to discover, trade and mint NFTs and enjoy new, immersive web3 games. Through this strategic partnership with Mysten Labs and expansion onto the Sui blockchain, Hyperspace is set to revolutionize the world of web3 gaming and NFT trading, enabling unparalleled experiences for users.
At the core of this new capability is Sui’s robust horizontal scalability and object-based model, which enables an easy-to-use developer experience and allows for efficient handling of dynamic NFTs. This breakthrough feature will serve as a catalyst for the creation of immersive web3 games, in which players can truly own and interact with their in-game assets like never before.
While Hyperspace originally launched on the Solana blockchain, and remains unwaveringly committed to supporting Solana, expanding onto Sui will enable the company to broaden its reach and empower even more developers and creators across the web3 ecosystem. Today, Hyperspace also provides NFT indexing and marketplace infrastructure to hundreds of developers on Solana and plans to provide similar services and infrastructure on Sui in an easy-to-use SDK for developers.
“We are thrilled to partner with the talented Mysten Labs team,” said Kamil Mafoud, Co-founder at Hyperspace. “This collaboration represents a significant milestone in our journey towards reshaping the web3 landscape. By harnessing the power of Sui’s horizontally scalable infrastructure, we can unlock the true potential of dynamic NFTs, enabling unparalleled experiences for gamers, creators and enthusiasts. We want to continue pushing the boundaries of what is achievable in NFT trading and utilization.”
“The integration of Hyperspace on Sui will unlock a new era of gaming experiences, characterized by unprecedented interactivity and player-driven economies,” said Evan Cheng, co-founder and Chief Executive Officer of Mysten Labs. “Hyperspace recognizes the value of building for the future of NFT trading and utilization, and we are excited that the team will be leveraging the unique technology that Sui provides for seamless developer and user experiences and rapid transaction speeds. The expansion onto Sui is a testament to Hyperspace’s dedication to exploring innovative solutions for NFT enthusiasts, and we can’t wait to support them as they continue to create new opportunities for NFT developers and collectors.”
“A truly immersive decentralized platform for managing digital assets and gaming where the user experience is on par with or exceeds those in traditional venues has the potential to bring the benefits of web3 to an entirely new, far broader set of users,” said Greg Siourounis, Managing Director of the Sui Foundation. “We are truly excited to see the Hyperspace team, which has already accomplished so much, joining the Sui community and leveraging Sui’s groundbreaking, highly scalable and performant technology to build the next level experience for gamers and NFT collectors.”
As Hyperspace embraces Sui and its game-changing capabilities, the team reaffirms its dedication to fostering innovation and revolutionizing the NFT space. By expanding its reach and continuously pushing the boundaries of what is possible, Hyperspace is leading the charge in creating a vibrant and immersive web3 gaming future, providing users with unparalleled opportunities for engagement and ownership.
About Hyperspace
Hyperspace is a multi-chain NFT marketplace, launchpad and developer platform dedicated to driving the mass adoption of digital assets. It is backed by Dragonfly, Pantera, Coinbase Ventures, and other notable funds. Hyperspace provides an intuitive and seamless platform for creators, developers, collectors, and gamers to trade and interact with NFTs. With a strong focus on innovation and user experience, Hyperspace is committed to shaping the future of NFT trading and utilization. Learn more: https://sui.hyperspace.xyz/ and https://hyperspace.xyz
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and include lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com
About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at a low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io
The post Hyperspace and Mysten Labs Partner to Bring Web3 Gaming and NFT Trading to Sui Blockchain appeared first on CryptoPotato.

[PRESS RELEASE &#8211; New York, United States, May 19th, 2023] Hyperspace, the pioneering NFT marketplace, and launchpad, today announced a partnership with Mysten Labs, a web3 infrastructure company and original contributor to Sui, a Layer 1 blockchain, to help bring Hyperspace onto the protoco...

cryptopotato.com

Hyperspace and Mysten Labs Partner to Bring Web3 Gaming and NFT Trading to Sui Blockchain

A popular crypto analyst is expressing bullish sentiment on one recently launched Ethereum (ETH) competitor.
Pseudonymous crypto trader Altcoin Sherpa tells his 11,000 YouTube subscribers that the native token of layer-1 blockchain Sui (SUI) is set to pump.

“I actually do think this is going to pump really hard to be frank and honest with you. I don’t know when or where…
The overall float on this token is really really really small relative to the overall supply and it’s easy for market makers to manipulate this thing.
So to be frank and honestly like buying around a buck or something like that would probably be pretty profitable.”
Sherpa says that SUI is likely to plummet by over 20% if the price of Bitcoin (BTC) falls.
“If Bitcoin makes another leg down, which you should obviously take into consideration if you are trading any altcoin whatsoever, then this is going to go lower. That’s just the bottom line.
It’s going to go to like the $0.80 – $0.82 area or something like that for the next level down.”
SUI is trading at $1.13 at time of writing. Sui blockchain launched its mainnet earlier this month.
Turning to Pepe (PEPE), Sherpa says the controversial memecoin is currently enjoying high trading volumes as it ranges between $0.0000015 and $0.0000020.
“This is a very very strong area in my opinion lots of volume being transacted around this area uh probably not a bad idea for a swing long but again it’s really going to depend on Bitcoin.”
Pepe is trading at $0.00000164 at time of writing.
Turning to blockchain oracle network Chainlink (LINK), the pseudonymous analyst says the 22nd-largest crypto asset by market cap will present a buying opportunity once it breaks out of the long accumulation zone.
“I’m not going to buy this one personally until it breaks the range high. So around $9.15 or something like that…
I believe that link will go strong because it’s chopped around in the accumulation mode for like a year. This is like a long accumulation period and I do believe it’s going to be strong once it actually does start to move.”
Chainlink is trading at $6.46 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post Top Crypto Analyst Says One Ethereum Rival Primed for Explosive Rally, Updates Outlook on Pepe and Chainlink appeared first on The Daily Hodl.


A popular crypto analyst is expressing bullish sentiment on one recently launched Ethereum (ETH) competitor. Pseudonymous crypto trader Altcoin Sherpa tells his 11,000 YouTube subscribers that the native token of layer-1 blockchain Sui (SUI) is set to pump. &#8220;I actually do think this is goin...

Sui price	$0.951031
Low - High 24H	$0.91453 - $0.958509
Market cap	$500.19M
Volume 24H	$117.31M
All time high	$2.16 -56.37% May 3rd 2023
All time low	$0.912327 3.41% June 2nd 2023
Genesis date	N/A

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