Is SUI on the road to a strong comeback?

How are you all? I hope everyone is well and enjoying their busy time with the updates of the crypto market. Today I want to talk about a project that may not be discussed much now, but is quietly strengthening its position. I am talking about SUI.

In the crypto market, most of the time we only pay attention to the price of a coin. When the price increases, everyone shows interest, and when the price decreases, many assume that the future of the project is over. But the reality is not always like this. Sometimes, even in the midst of big price drops, some projects continue to strengthen their technology, network and infrastructure. Currently, SUI seems to be moving in the same direction.

At one time, the price of SUI went above $5. Later, its price fell for a long time and fell to around $1. Many investors were disappointed due to this decline. But the interesting thing is, during this time, their network has been added one after another.

Analyst Michaël van de Poppe recently commented that SUI is now one of the most under-discussed yet promising projects in the crypto market. According to him, people have only seen the decline in the charts, but have not really noticed what is happening in the background.

The SUI ecosystem has seen some major changes in the past few months. The launch of CME futures, the addition of new spot ETPs, and the launch of various staking ETFs indicate a lot of institutional interest. Not only that, but the launch of USDsui through Stripe’s Bridge subsidiary has also created new possibilities for their stablecoin usage.

Most importantly, the number of users and transactions on the network is still strong. According to reports, the total number of users on the SUI network has reached over 232 million and cumulative transactions have reached over 1.5 billion. Such high activity is usually not seen in a weak project for a long time.

Many are viewing the TVL decline negatively. However, according to analysts, the main reason for this is the decrease in the value of the underlying asset due to the entire market being down. That is, it is not only investors who have withdrawn money, but the overall pressure of the market has also played a major role here.

From a technical perspective, SUI is also working on several updates. The network performance has become faster than before through the Mysticeti consensus upgrade. In addition, issues such as native BTC collateral integration can play an important role for the DeFi ecosystem in the future.

There are also some positive signs in the chart analysis. In particular, many analysts are viewing the formation of a bullish divergence in the SUI/BTC pair as an accumulation phase. Although the market is not completely stable yet, it is believed that SUI may come into discussion again if confidence gradually returns.

I personally feel that sometimes projects that people quickly forget about are the ones that surprise again in the future. SUI is in that situation now. Whether this project can come back strongly if the market situation improves in the future remains to be seen.