SEI and SUI Prices Pumping – Here’s Why

SUI has pumped by more than 8% today and 20% in the past 3 days. Notably, most of the price increase (about 15%) came yesterday following two major announcements from the SUI Network team.

On Tuesday, July 9, SUI Network introduced the SUI Indexing Framework. This solution will be useful in creating apps that respond to real-time blockchain events and improve data and infrastructure management. Users can also get customizable data tailored to their needs.

SUI Network also announced that Electric Capital developer data revealed SUI is the largest and fastest-growing Move developer community. Since the last update in January, the blockchain has seen a growing developer community according to Electric Capital data.

The data includes a 219% growth in active developers, a 145% increase in full-time developers, a 125% growth in total commitment, and an 84% increase in total repositories. These numbers show that SUI is becoming a home for first-time builders and developers who also enjoy the blockchain’s benefits.

SUI has continued to attract various groups of builders pushing the boundaries of Move development. In their post, they also welcomed developers who joined during their SUI Overflow Hackathon, describing it as a massive success as it brought many more projects to the SUI blockchain.

These data have undoubtedly increased investor confidence. People often look for opportunities in growing blockchains that can potentially give high ROI, and right now, SUI could seem like a good choice to investors.

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Why Is SEI Pumping?

SEI has also spiked by more than 10% in the last 24 hours following the announcement about the completion of Phase 2 of its Mainnet Beta. Based on the post on their X page, the SEI V2 Mainnet Beta is the most performant EVM blockchain ever built.

The completion is a major leap in SEI’s journey of fulfilling its vision. Since SEI launched the first parallelized EVM, it has continued to have various deployments and increases in on-chain activities. The project has also continued to attract developers and innovators to join its journey.

Some teams and builders are already live and working on the SEI V2 mainnet; they include Silo Stake, involved in liquid staking; Yei Finance, a borrowing and lending protocol; Dragon Swap, a decentralized exchange for ERC20 and CW20 tokens, and more.

Apart from the DeFi protocols, there are also NFT builders, bridge providers, and various wallet, analytics, and data providers building on the SEI V2 mainnet beta already.

Technical Analysis

Technical analysis suggests that SEI has reached critical support and the price could retrace for a while. The support level, around $0.255, has held the price from going down further. Since reaching the support, the price has increased by more than 40%, with the chance of riding the trend further.

The price would have to face resistance at around $0.35. If it breaks that, it could see another bullish run to around $0.44.

The relative strength index figure is currently at 47, increasing sharply from 25 in the past 5 days. With a reading of 47, it is evident that the price has a lot of room to run in the case of a continued bullish trend.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.