The SUI price was trading at $1.47, down 4% over the last 24 hours. Even with the recent downturn, which has seen the layer 1 token lose 9% of its value over the last week, the latest integration with ZettaBlock’s Open Beta launch is expected to bolster investor interest and propel the price higher.
Sui Network Joins ZettaBlock’s Open Beta as Foundational Partner
Sui Network, the lightning-fast layer 1 blockchain, has announced its integration as a foundational partner for ZettaBlock’s groundbreaking Web3 data platform. The organization announced this in a March 6 post on X, saying the network has been selected as the “foundational integration partner for ZettaBlock’s groundbreaking Web3 data platform,” which is launching its open beta.
Sui has been chosen as one of a number of protocols to contribute to developers’ and users’ growth, cohesiveness, and interoperability across various platforms through ZettaBlock.
Read more: https://t.co/SAo3pjfMTL
— Sui (@SuiNetwork) March 6, 2024
ZettaBlock’s open beta launch is expected to provide builders with seamless access to over a dozen blockchains and more than 500 Web3 data sets, including Sui.
ZettaBlock also eliminates the need for multiple data vendors, offering a unified, scalable, and adaptable data platform.
Arturo Burciaga, Senior Communications Associate at SUI Network said,
“This partnership simplifies data access across 12 blockchains and 500 Web3 datasets, including Sui, empowering developers to focus on innovation without infrastructure challenges.”
Sui’s inclusion in ZettaBlock’s open beta follows its recent achievements in the DeFi sector, such as breaking into the top chains by TVL.
According to data from DeFi aggregator DefiLlama, the SUI network has overtaken Cardano with $530.54 million locked on the protocol and positioned at #13.
Chains ranking according to total value locked. Source: DefiLlama
The partnership with ZettaBlock is expected to break down barriers for developers and spur the ongoing growth of the Sui ecosystem.
SUI price is down but not out
A series of lower highs and lower lows have characterized SUI’s price action between Feb. 14 and March 6. This ha
According to data from DeFi aggregator DefiLlama, the SUI network has overtaken Cardano with $530.54 million locked on the protocol and positioned at #13.
s led to the appearance of a descending parallel channel on the daily chart, as shown below.
At the time of writing, SUI was facing resistance from the 50-day exponential moving average (EMA) at $1.5. A daily candlestick close above this level would suggest the ability of the buyers to sustain the ongoing recovery.
The next line of resistance could emerge from the channel’s upper boundary at $1.63. A rise above this would bring the downtrend to an end and confirm a bullish breakout. Key levels to watch above that would be the psychological levels at $1.8 and $2.0.
SUI/USD daily chart
The relative strength index (RSI) was moving upward, away from the oversold region, suggesting that the buyers were returning to the market.
On the downside, the position of the RSI at 42 below the middle line suggested that the sellers were still dominating the market. As such, the downtrend could continue toward the channel’s lower boundary at $1.37 and later to the support at $1.261, embraced by the 100-day EMA.