3 Reasons Why Sui Price Will ‘Continue To Rip’ In November

by

As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market ups and downs. The current surge in SUI price has caught my attention, and I find myself intrigued by its potential for further growth.

In November, the cost of SUI continues its relentless surge without any indication of slowing. This digital currency experienced a minor dip following a broader crypto market slump triggered by the U.S. stock market plunge on October 31. The overall crypto market capitalization dropped by 5.3%, and Bitcoin‘s price fell beneath $70,000. However, despite the downturn in the markets, experts remain optimistic about SUI’s price, as it has soared more than 400% from August 5 to October 31.

Why Sui Price is Poised to Continue Pumping In November

At the moment, SUI’s value is being exchanged for approximately $1.93, marking a 6.8% decrease in the last day. Right now, the asset is around 35% below its maximum historic price of $2.34, which it hasn’t surpassed since experiencing further price growth.

On-chain metrics are some of the strongest and signal the asset could extend its gains in the month of November. Here are three compelling reasons why the price of SUI is set to continue to rip this month. 

1. Sui Network Aggregators Hit $5 Billion

In October, the trading activity on Sui’s decentralized finance platforms hit an all-time high of $5 billion, with Cetus leading the pack, generating the most volume, closely followed by Hop Protocol, Scallop, and 7K.

The surge in trading volume indicates an increase in market activity and interest which can lead to increased price volatility, as more users join the ecosystem. 

Furthermore, the SUI token surpassed a monthly trading volume of $150 billion in October. High trading volumes often indicate strong market momentum and can be a sign that a cryptocurrency’s value is about to increase dramatically. This could potentially lead DeFi on the network to reach new record highs in November, driving up the price of SUI.

2. Volume Rising, But Fees Are Dropping

As an analyst, I find it noteworthy that the surge in the Shibu Inu (SUI) all-time high in November could be attributed to several factors, one of which is the significant reduction in average daily transaction fees on the network during October, while simultaneously witnessing a rise in transaction volume. Compared to most other blockchains, the average transaction fee in October was a relatively low $0.00331, making it an attractive choice for users.

As an analyst, I find it intriguing how this development points towards the network growing in both efficiency and scalability. By reducing transaction fees, we could witness a surge of new users and developers, thereby increasing overall engagement, acceptance, and value within the network.

3. Active Accounts on Sui Top 25 Million

On the Sui network, the number of active accounts has soared to a record-breaking 25 million – a significant increase from just under 2 million in early July. This remarkable surge suggests an exponential growth trend that has been mirrored in its value, potentially pushing it to even greater heights this November.

On October 27th, according to Artemis Analytics’ data, there was a significant surge in investments flowing into the Sui platform from Ethereum. This could imply that investors are seeking out new opportunities or ‘greener pastures’.

During the same timeframe, our network surpassed all others by registering the largest weekly net inflows. Compared to Ethereum, Solana, and Arbitrum which ranked second, third, and fourth respectively, our chain saw over $20 million in net inflows while Ethereum trailed with approximately $10 million.

How High Can Sui Go in November?

Based on current price analysis, it appears that Sui could reach a peak of around $48 by November. The primary factor driving this potential surge, in addition to strong on-chain statistics, is the upcoming U.S elections next week. Already, meme coins related to politics dubbed PolitiFi are primed to skyrocket regardless of which candidate emerges victorious.

As a researcher, I’ve observed that meme coins have played a significant role in Solana’s remarkable expansion this year. Looking ahead, in the forthcoming weeks post-election, there’s a possibility of SUI repeating a similar growth trajectory.

Important thresholds to focus on are the potential resistance at $2.34. If this is breached, the value might soar towards $10, then possibly $21 and eventually $48. On the flip side, if the price falls below the ascending curve, the asset could become bearish, potentially plummeting to $0.60.

Read More

2024-11-01 12:58