As a seasoned researcher who has witnessed the highs and lows of the crypto market, I find myself intrigued by the current surge of SUI Network. Having closely observed its journey since its inception, it’s fascinating to see how it has managed to bounce back from its March slump, displaying a remarkable resilience that is often missing in this volatile space.
The Sui Network, often referred to as a competitor to Solana within the Layer 1 blockchain sector, is experiencing significant interest in the decentralized finance (DeFi) industry. This increased demand has resulted in a robust recovery for SUI, pushing its price up by approximately 60% over the past month and reaching levels of around $1.60 during this latest surge.
SUI Price Approaching New All-Time High
In March of this year, the SUI price peaked at more than $2.08, and the Bitcoin price reached a record-breaking high as well. But just three months later, the SUI price plummeted to under $0.50 due to a widespread market downturn.
Demonstrating a remarkable ability to bounce back, SUI has made a robust comeback since its low points in June and is poised to reach new peak levels once more. In the past day alone, SUI has surged by 9.7%, trading at around $1.6, with its market capitalization standing at an impressive $4.2 billion. Additionally, daily trading volumes have spiked a substantial 93% to reach approximately $841 million.
From my analysis of the technical chart, it appears that the SUIUSDT trading pair has broken through the crucial resistance at $1.57 and is now aiming for the next resistance at approximately $1.80. Given this trend, there’s a strong possibility that SUI could reach its previous all-time highs and potentially surpass them.
Sui Network Crosses $900 Million in DeFi TVL
Over the past month and beyond, there’s been a significant surge in activity on the Sui Network, which coincides with increasing DeFi activity on its platform. According to an official statement, this Layer-1 blockchain has achieved a significant milestone by locking over $900 million in total value (TVL), placing it at number 8 among all other blockchain networks.
Over the past year, SUI has experienced a remarkable surge of approximately 3,285%. This significant increase can be attributed to a swelling curiosity and acceptance within the cryptocurrency market, which has subsequently triggered a rise in the value of SUI.
NEWS FLASH: The Total Value Locked (TVL) on Sui has reached a staggering $90,000,000,000.00, placing it eighth among all blockchain networks in terms of TVL.
That’s a 3,285% increase in just 1 year
And there’s still 8 days left in #Suitember
— Sui (@SuiNetwork) September 22, 2024
On the SUI Network, they take a distinct approach to parallel transaction processing. Their architecture employs a horizontal scaling technique, making it easy for the network to expand as needed. By adopting an object-based storage system, Sui makes state management more efficient and organized. This method significantly cuts down on the time it takes to finalize transactions, leading to reduced latency for decentralized apps (dApps) and DeFi platforms. Consequently, the SUI Network has shown superior performance compared to front-runners such as Ethereum and Arbitrum in recent times.
Additionally, it has been forging significant collaborations within the cryptocurrency sector. Recently, Circle announced plans to debut their USDC stablecoin on the Sui Network, aiming to broaden the scope of blockchains that back their digital currency.
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2024-09-23 08:52