According to a recent report, Sui has experienced remarkable growth in the developer community. However, the SUI price has failed to show remarkable growth as a valid bottom has not been formed.
Sui Development Activity Update
Sui development activity has reached a record high level, considerably increasing code contributions. Total pledges climbed by 125%, with over 18,000 since the beginning of 2024, bringing the total to around 5 million. Also, there is an 84% growth in total repositories, demonstrating the developer community's growing engagement with Sui.
Between March and June, fresh developers surged noticeably. With over 350 ideas submitted, this hackathon proved the eagerness surrounding Sui and the platform's potential to attract and encourage inventive builders.
According to the Sui Blog, Sui has the largest and fastest-growing Move developer community. This rise demonstrates Sui's rising leadership in the blockchain business.
Sui Monthly Developers Surge
Sui experienced a 219% surge in monthly active developers between early 2024 and July 1st, with approximately 1,400 developers on board during June. It indicates a growing interest and engagement in Move development on the Sui Platform.
In addition, the number of full-time developers has increased by more than 145%, while part-time and first-time developers have more than doubled in just three months.
The Sui Overflow demo day had remarkable projects demonstrating the platform's capacity to enable high-quality development. Demo day videos are available for viewing on days one and two.
As Sui grows and evolves, it stays committed to creating an environment where developers may thrive and innovate. The Electric Capital research emphasizes Sui's status as a major blockchain platform and a hub for cutting-edge development.
SUI Price Prediction Technical Analysis
In the daily chart of SUIUSD, the broader market outlook is bearish, initiated from the buy-side liquidity sweep from the 1.9755 swing level in March 2024.
The price made a yearly low in July 2024 before making a bullish V-shape recovery. However, the ongoing price action is insufficient to consider it a trend change as the immediate resistance level is still untouched.
Looking at the current structure, the 100-day Simple Moving Average is above the current price, showing a bearish slope with the 1.0789 high-volume line. In that case, the downside possibility is potent as long as the price hovers below the crucial 100-day SMA line.
Based on the SUIUSD analysis, an immediate bullish continuation with a daily candle above the 0.9000 level might increase the possibility of extending the buying pressure. Moreover, a stable market above the 1.0789 high volume line might open the room, reaching the 1.4472 resistance level, before moving to the 2.0000 psychological level.
On the other hand, the ongoing bearish trend is active as long as the channel resistance is protected. In that case, the primary target of the downside pressure would be the 161.8% Fibonacci Extension level of the current swing at the 0.3773 support level.
