SUI gains 115% in September backed by ecosystem growth

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Sep 30 2024

SCA-1.7%

SUI-5.546%

TOKEN-4.3900003%

Should l Buy SCA?

SUI's Performance: SUI surged 115% in September, reaching a five-month high with a trading price of $1.77 and a market cap exceeding $4.925 billion, driven by increased user interest, significant growth in decentralized applications (dApps), and strategic moves into blockchain gaming.
Market Dynamics: The altcoin's bullish momentum is supported by Grayscale's opening of its Sui Trust to accredited investors, integration of USDC, and potential risks from upcoming token unlocks that could lead to selling pressure, despite strong technical indicators suggesting further short-term gains.

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Technical Analysis for SCA

Technical Sentiment Analysis for Scallop (SCA) As of , Scallop (SCA) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 10 technical signals, shows that 6 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SCA stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, SCA is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Scallop (SCA) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0236	0.0263	0.0285	0.0312	0.0334	0.0361	0.0383
Fibonacci	0.0263	0.0281	0.0293	0.0312	0.033	0.0342	0.0361

About SCA

Scallop is the pioneering Next Generation peer-to-peer Money Market for the Sui ecosystem and is also the first DeFi protocol to receive an official grant from the Sui Foundation. By emphasizing institutional-grade quality, enhanced composability, and robust security, we are dedicated to building a dynamic money market that offers high-interest lending, low-fee borrowing, AMM, and digital asset self-administration tool on a unified platform and offering an SDK for professional traders.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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