Raoul Pal, CEO and founder of Global Macro Investors, believes that the SUI cryptocurrency could become a major player among new blockchain platforms.
Raoul Pal's View on SUI
Raoul Pal points out that the SUI price chart looks promising, indicating potential price growth. According to him, SUI is performing better than other top cryptocurrencies like Solana, even in a stagnant market. However, he emphasizes that to succeed, SUI needs successful and scalable applications.
Fundamentals of SUI
Pal mentions that the total value locked (TVL) in SUI and a recent announcement from Circle are positive signs but not sufficient on their own. He sees potential in gaming applications but thinks it's too early to judge. Pal also discusses recent upgrades making transactions very fast and hints at future improvements that could make SUI faster than Solana.
SUI Price Action
The price of SUI recently broke out of a five-month-long resistance at $1.67. The current retest of this support level could lead to significant price growth if successfully confirmed. The Relative Strength Index (RSI) at 70 indicates a potential short-term retracement, but the simple moving averages (50-day, 100-day, and 200-day) suggest a bullish market sentiment.
Raoul Pal sees great potential in SUI due to its technological advancements and strong price dynamics. Despite being in the early stages, SUI could become a key player among new blockchain platforms.
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