As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the current performance of SUI is nothing short of captivating. Having witnessed numerous market cycles and trends, I can confidently say that SUI’s resilience amidst a struggling broader cryptocurrency market is quite remarkable.
In recent times, the value of SUI (SUI) has significantly increased, making it notable even amidst a challenging period for the broader cryptocurrency market. Over the last seven days, SUI has bucked the trend, maintaining its price surge following impressive performances in September, where it was among the top-performing large-cap digital currencies.
SUI Price Soars After Daily Transactions Spike
As a researcher, I’ve noticed an astounding 100% surge in the token’s value last month, and this momentum extended into October. Notably, on October 7, the token nearly reached a new peak in its all-time high. Moreover, the token garnered increased interest after it surpassed Solana in daily transaction volume, reinforcing its expanding influence within the market.
On October 7, the cost of SUI experienced a substantial increase because its daily transactions outpaced those of Solana. This surprising reversal happened after SUI’s transactions spiked to approximately 118 million on October 5, which was significantly higher than the around 10 million daily transactions in September. This surge came shortly after Circle announced native USDC support on the layer-1 blockchain platform of SUI.
Assets added to the roadmap today: USDC on Sui
— Coinbase Assets (@CoinbaseAssets) October 8, 2024
As a crypto investor, I’m excited about the news that Coinbase has added USDC to Sui on their listing roadmap. This move is sure to spark even more interest in this promising project. Moreover, Bybit’s addition of SUI on Launchpool and their support for Sui’s native token not only adds fuel to its price momentum but also signifies a significant milestone – SUI is now the first native cryptocurrency on Bybit’s platform. These developments are certainly reasons for optimism in the crypto world!
SUI price Eyes ATH Despite Market Corrections
Following several days of market growth, the value of SUI has seen a significant decline, falling by approximately 5.90% to $1.94 at the time of reporting. This digital currency, which reached a low point of $1.94 and a high of $2.13 within the last 24 hours, has shown some instability, indicative of a turbulent trading day. The Sui price reached its all-time high of $2.18 on March 27, 2024, representing a drop of 10.5% from its highest point.
The Sui price is facing resistance around the $2 mark. However, improving market conditions might support a push towards this level soon. If the coin reaches $2.18, it would mark a significant increase of nearly 10% from its current value.
Making this move might push the cryptocurrency near its maximum historical value (peak), which could rekindle curiosity among investors.
Right now, the Chaikin Money Flow (CMF) stands at 0.01, suggesting that the market’s overall sentiment is neutral. However, it was previously exhibiting a bullish trend that has since leveled off.
As indicated by DefiLlama statistics, the Layer One blockchain has secured a grand total of $2.98 billion in value. This is a notable achievement for the platform, demonstrating its ongoing growth within the decentralized finance (DeFi) sector. The surge in Sui’s Total Value Locked (TVL) suggests growing trust in the network’s potential and rising usage across multiple DeFi initiatives.
Even though the price of Sui has slightly decreased from its recent peaks, the ongoing increase in transaction numbers and DeFi activity hints at potential additional growth. With resistance at around $2 and growing attention from major platforms, Sui is a cryptocurrency worth keeping an eye on, particularly if it attempts to reach its all-time high again.
Read More
- USD ZAR PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- EUR ILS PREDICTION
- TAO PREDICTION. TAO cryptocurrency
- ANKR PREDICTION. ANKR cryptocurrency
- HUDI PREDICTION. HUDI cryptocurrency
- Best JRPGs That Focus On Monster Hunting
2024-10-08 22:40