Robinhood has confirmed the listing of Sui for spot trading on August 19, an important step in retail access. This listing enables Robinhood app users to trade SUI instantly, ensuring easier onboarding and eliminating conflicts for retail investors.
This article explores whether the SUI listing could achieve a price breakthrough in SUI price prediction.
Key Highlights
- SUI is listed for spot trading on Robinhood, a crucial step when forming a bullish ascending triangle.
- SUI is now available for Robinhood users in both the U.S. and the EU. Liquidity support is provided through Bitstamp.
- Expected SUI staking options on Robinhood, widening access to the Layer-1 blockchain ecosystem.
- SUI prices are anticipated to decline toward $2.57, unless there is a reason for a rebound.
What is SUI?
SUI is a layer-1 blockchain designed for low-latency management of assets. It emphasizes instant transactions. The high-speed transactions make the SUI platform suitable for on-chain usages, such as games, finance, and others.
The Move programming language is used to define assets, which can be owned and managed. It operates on a delegated proof-of-stake consensus mechanism that upholds security and scalability.
Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias are five ex-Meta engineers who founded Mysten Labs and developed SUI.
Robinhood Listing SUI
As we have seen, Robinhood announced that the crypto exchange has listed SUI, the native crypto token of the layer-1 blockchain. The declaration was made after a SUI blog post, which was deleted later.
The blog mentioned the listing and raised speculations among traders, causing price fluctuations before the actual listing.
It was Wu Blockchain’s post that cleared all the doubts and confusion about whether Robinhood was listing or not listing SUI. SUI Corner confirmed that the token will be available soon to investors on Robinhood’s trading platform.
Robinhood has been adding new cryptocurrencies to increase its products. Recently, it has listed FLOKI and ONDO, and now has more than 30 crypto assets for spot trading.
Also Read: How to Keep Your Crypto Safe from Hackers
Is SUI Price on a Bullish Course?
The token’s price has increased since Robinhood, the crypto exchange, listed SUI for its EU and US customers. However, now prices have dipped simultaneously with the crypto economy, which is experiencing a significant correction.
According to experts, SUI prices are in an ascending triangular pattern, falling and rising between $4.46 and $4.50. This trend has been continuing since June.
Currently, SUI prices are trading above the trendline at $3.49, suggesting that buyers are still defending the bullish form. Experts anticipate that SUI prices will be above $4.50 and experience a surge of 57.52% reaching $5.5.
On the reverse side, the crash below $3.40 would repeal the bullish state. Right now, the SUI price will be based on its performance at $4.50.
As mentioned above, listing on Robinhood can be crucial for the bullish ascending triangle pattern. Moreover, the crowd psychology has been favorable since the listing. According to the data, there has been a major shift from negative to positive. Investors are optimistic about SUI tokens, and this sentiment could drive up the prices.
Final Thoughts
Overall, the SUI price history indicates a bullish state. However, the real concern is that the ascending triangle is still maintaining its pace, even while the market sentiment is favorable. Experts believe that the Robinhood listing will provide a new surge of demand for the SUI token, driving the price up to $5.5 target. However, they also warned about sudden price recall, unless investors sustained the buying trend.
