• Sui's worth rose greater than 11% as Bitcoin and Ethereum fell under key ranges.
• SUI benefited when BytePlus, a subsidiary of ByteDance, selected to enter Web3 by means of the Sui blockchain.

Sui (SUI) traded increased as we speak regardless of the broader crypto market downturn, with Bitcoin falling under $61,000 and Ethereum falling under $3,000.

Whereas Sui's worth continues to be under its current peak of $2.17, its rise to $1.27 prior to now 24 hours represents a rise of greater than 11% and greater than most altcoins within the high 100 by market cap. can be wonderful.

Why is SUI worth rising as altcoins fall?

On April 17, the Sui workforce introduced that BytePlus, a subsidiary of know-how firm ByteDance, has joined the crypto community with its Web3 debut.

🚨Breaking information: BytePlus, the enterprise know-how division of (the corporate behind) ByteDance @TikTok_US) is now out there in Sui! pic.twitter.com/GtutYyFI5X

— Sui (@SuiNetwork) April 17, 2024

BytePlus plans to collaborate with Mysten Labs to deliver gaming and social apps to Layer 1 blockchain.

Which means that Sui builders can now entry and leverage BytePlus providers throughout content material supply, personalization and person engagement options.

For instance, BytePlus Advocate is a service that helps builders create and deploy customized apps, and builders can reap the benefits of BytePlus Results' 80,000 “ready-to-use stickers and results for video apps.” .

The partnership between BytePlus and Sui may unlock a brand new Web3 adoption curve for Sui.

Sui worth outlook

As talked about earlier, SUI skyrocketed as we speak as most cryptocurrencies mirrored Bitcoin's struggles. Sui's worth fell in the wrong way because the benchmark cryptocurrency fell under $62,000 on Wednesday afternoon.

Whereas current token unlocks could have contributed to the promoting stress, SUI probably benefited from as we speak's main information developments.

Lately, Sui has been surging on constructive information, with the token rising over 16% after Mysten Labs introduced the discharge of Pilotfish. The worth of this token additionally rose after the stablecoin First Digital USD (FDUSD) was prolonged to Sui. It’s the solely third blockchain community to natively help new stablecoins. Others embrace Ethereum and the BNB chain.

With Sui's worth above $1.27, the bulls may intention for the speedy resistance stage close to $1.50 with a transfer above $1.30. The upside contains the March 27 excessive above SUI's present excessive of $2.17.

On the draw back, Sui worth could depend upon help at $1.00 and probably $0.79.