SUI (Sui) rose 10.44% in the last 24 hours.

Gate News Bot news, July 10, according to CoinMarketCap data, as of the time of writing, SUI is currently priced at $3.23, having risen 10.44% in the last 24 hours, with a high of $3.23 and a low of $2.83. The 24-hour volume reached $1.148 billion. The current market capitalization is approximately $11.167 billion, an increase of $1.056 billion compared to yesterday.

Sui is a blockchain platform that offers the advantages of Web3 while maintaining the usability of Web2. It employs the Move programming language to provide inherent security and implements network credential authentication through zkLogin, along with verifiable off-chain computation capabilities. Sui focuses on application scenarios such as gaming, commerce, and DeFi, providing users with asset ownership, customer engagement, and near-instant transaction settlement.

Important recent news about SUI:

1️⃣ NAVI Protocol expands xBTC incentive program NAVI Protocol has launched the xBTC liquidity pool on the Sui chain and has expanded incentives to users who lend SUI. Previously, incentives were limited to users who lent USDC. This move is expected to attract more users to participate in DeFi activities within the Sui ecosystem, increasing 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 attracted widespread attention. The chart shows a potential pump path from the historical low of $0.35 to $100, suggesting that SUI may have significant long-term rise potential. Although the target price of $100 seems optimistic, this positive expectation helps boost market confidence and attracts more investors to pay attention to SUI.

3️⃣ Developer ecosystem continues to rise 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 formed a bullish cup-and-handle pattern on the weekly chart. If it can maintain its current price level, SUI may initiate a new round of pump trend. However, investors should remain cautious of the short-term selling pressure that may arise from the upcoming token unlocking event.

This message is not intended as investment advice; investors should be aware of market volatility risks.