Sui Price Prediction Ahead of Seoul Builder House Project Launch
Sui Seoul builder house project could lead to another SUI ATH as per experts.
Sui price prediction recently experienced a sudden downfall after surging more than 20% on Monday. However, the recent development could make way for SUI prices to go berserk after the launch of the Seoul Builder House project.
Sui Builder House in Seoul, the first major event following the Mainnet launch, is about three weeks away. It will take place on June 3 and 4 and will provide guests with a unique opportunity to learn, network, and have fun.
Sui Builder Houses bring together developers for presentations and discussions. Builders in attendance discuss their work and provide technical information, allowing others to learn by example. Onstage panels examine industry topics and present perspectives from industry thought leaders.
Cocktail receptions, visits to local sights, and one-of-a-kind opportunities for personalised talks about problems and possibilities are examples of social events. Let's see how the project deployment leads to the Sui price prediction's upsurge.
Sui Price Prediction as Network TVL Surged by 60%
As expected, the SUI price retested the $1 mark and rebounded strongly. According to the most recent research, the bulls must regain one critical level on the chart in order to trigger a tremendous upside.
On Tuesday, cryptocurrencies are trading sideways as the Bitcoin price attempts to break beyond $27,000. As a result, the majority of cryptocurrencies are trading sideways. On the second day of the week, the SUI coin fell by 0.17% as the price fell from Monday's highs.
The previous week, the SUI network had a total locked value of $22 million. Since then, the network's value has risen to $35 million. This equates to a 60% gain in just five days. This also implies that SUI blockchain activity has surged since last week. This might be one of the causes for the sharp increase in the price of SUI coins.
Cetus is presently the largest dapp on the blockchain, according to DeFi Llama, with $28.37 million TVL. Turbos and BlueMove, both decentralised exchanges, follow with $5.7 million and $755,973 TVL, respectively. This demonstrates that the top three dapps account for more than 98% of the TVL.
Source: Defillama
Sui (SUI) is now trading at $1.16 with a 24-hour trading volume of $200,011,953. This indicates a -5.04% drop in the last 24 hours and a -0.76% drop in the previous 7 days. Sui has a market valuation of $613,614,759 with a circulation supply of 530 million SUI.
The SUI price is forming a double bottom pattern on the 4-hour time frame chart. This pattern indicates that the coin's underlying purchasing pressure is increasing, indicating tremendous growth potential.
However, the coin price is now trading at $1.22 and remains below the pattern's $1.26-$1.245 neckline resistance. The rejection candle recorded at this barrier suggests that the cryptocurrency may have a slight retreat before testing the neckline.
A probable breakout from $1.26 with a closing candle will provide an entrance chance for interested buyers, and a flipped support will continue to ascend to higher levels. The post-breakout rally may push prices up to $1.47, a 16.5% increase.
Source: TradingView
Conclusion
Sui price prediction reveals a possible bull run before the Seoul builder house project as SUI TVL is raising since the previous week which is a positive sign. Also, the technical indicator is pointing towards a nearby bull market.
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