SUI (Sui) rose 7.49% in the last 24 hours.

Gate News Bot news, July 14, according to CoinMarketCap data, as of the time of writing, SUI is currently priced at $3.64, with a rise of 7.49% in the last 24 hours, reaching a high of $3.65 and a low of $2.83. The 24-hour volume has reached $1.185 billion. The current market capitalization is approximately $12.582 billion, an increase of $877 million compared to yesterday.

Sui is a programmable blockchain platform designed to provide the benefits of Web3 while maintaining the convenience of Web2. It uses the Move programming language, which has inherent security. Sui offers unique features such as zkLogin for authentication using network credentials, and verifiable off-chain computation Nautilus, among others. Sui is committed to providing scalable infrastructure for application scenarios such as gaming, business, and DeFi, characterized by high throughput, low latency, and predictably low fees.

Important news about SUI recently:

1️⃣ NAVI Protocol expands xBTC incentive program The NAVI Protocol has launched the xBTC liquidity pool on the Sui chain and expanded the incentives to users who lend SUI. Previously, incentives were limited to users who lent USDC. This initiative is expected to attract more users to participate in DeFi activities within the Sui ecosystem, enhancing the demand and use cases for the SUI token.

2️⃣ Long-term bullish expectations drive market sentiment The price prediction chart for SUI released by cryptocurrency analysts has garnered widespread attention. The chart illustrates a potential rise from the historical low of $0.35 to $100, suggesting that SUI may have significant long-term growth potential. Although the target price of $100 seems optimistic, this positive expectation helps boost market confidence and attracts more investors to focus on SUI.

3️⃣ Developer ecosystem continues to grow Sui has become the fastest growing L1 developer community over the past two years, with a growth rate of up to 54%. The growth rate over the past year was 16.1%, second only to Solana. This achievement is particularly remarkable, as the overall number of developers in the cryptocurrency industry declined by about 20% during the same period. The strong developer growth demonstrates the vitality of the Sui ecosystem, laying the foundation for future innovations and application implementations.

From a technical perspective, SUI has broken through the key resistance level of 3 dollars and has formed a bullish cup-and-handle pattern on the weekly chart. If it can maintain its current price level, SUI may initiate a new rising trend. However, investors should remain cautious of the short-term selling pressure that may arise from the upcoming token unlock event.

This message is not an investment advice; investment should take market volatility risks into account.