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With the market in an extremely volatile position, SUI bears took advantage of their advantage and forced losses on token holders. Despite strong on-chain developments, SUI was still in the red with a massive 23% loss since last week.
On-chain, SUI continues to consolidate its position in the DeFi world. However, with the market’s influence on the token, its short-term performance could be marred by the fear, uncertainty, and doubts present in the market.
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nfts and gaming boost Sui's development
DARKTIMES, an MMORPG game created in Sui, has x.com/SuiNetwork/status/1829363372447731938?t=ZNQaf6jSSbpScrWjHfnwsg&s=19″ target=”_blank” rel=”nofollow”>announced which will release the Alpha version of the game later this year. The game has been in stealth development since 2021 according to DARKTIMES Founder and CEO Lucien Dormann in a interviewUsers will be able to enjoy the game's test run at Korea Blockchain Week, which will take place from September 3 to 4 this week.
<blockquote class="twitter-tweet”>
The battle is coming!
36 fighters will participate. Only one can win.
Feast your eyes on the rich world of twitter.com/playDARKTIMES?ref_src=twsrc%5Etfw” rel=”nofollow”>@playDARKTIMES
Includes seven medieval kingdoms, five deadly characters, and plenty of resources to acquire.
All powered by Sui, for fast-paced action like never before… https://t.co/28Hsjc8tza
— Sui (@SuiNetwork) twitter.com/SuiNetwork/status/1829363372447731938?ref_src=twsrc%5Etfw” rel=”nofollow”>August 30, 2024
This development came hand in hand with the recent x.com/SuiPlayOfficial/status/1829254383227605010″ target=”_blank” rel=”nofollow”>advertisement The SuiPlay OX1, the platform's handheld console, will officially be available for pre-order in the next ten hours. No spec sheet has been released yet, but the console will be available in 2025.
In the nft space, the platform has been chosen by Artifi, an art investment firm whose aim is to “turn high-end art into another asset class accessible to the masses.”
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Ready/Sui // Play
“A revolution in the world of video games”
Pre-orders for the twitter.com/hashtag/SuiPlay0X1?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#SuiPlay0X1 Coming soon very soon. image.twitter.com/LLIhTumWa6
— SuiPlay (@SuiPlayOfficial) twitter.com/SuiPlayOfficial/status/1829254383227605010?ref_src=twsrc%5Etfw” rel=”nofollow”>August 29, 2024
The resurgence of nfts on Sui came despite the asset class being under scrutiny from the Securities and Exchange Commission (SEC) which alleged that nfts are securities and is set to deal a harsh regulatory blow to Opensea. How this will affect the future of nfts and nft-based developments on Sui in the long term remains to be seen.
SUI to return to manageable levels after market pressure
Despite the general pessimism affecting the broader market, investors and traders should remain optimistic. SUI is currently trading between the trading range of $0.71 and $0.79, which is at the 61.80% level of the Fibonacci retracement tool, marking the significance of the range when it comes to the token’s long-term performance.
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The token’s Relative Strength Index (RSI) continues to indicate that bears are dominating the market. However, SUI’s return to this level is still a bullish sign as the 61.80% level will provide bulls with a strong level of support to aid future price movement.
SUI’s strong correlation with major cryptocurrencies like bitcoin and ethereum will give the token the boost it needs to rally in the medium term – that is, if market sentiment shifts to bullish within this timeframe. If the token stabilizes in its current trading range, SUI bulls should have a chance to retest and potentially break above $0.96 in the long term.
Featured image from Chainwire, chart from TradingView
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