The price of Sui (SUI) has seen a notable increase in its market value recently, standing out even as the broader cryptocurrency market struggles. Over the past week, SUI has defied the economic downturn, continuing its upward momentum after being one of the best-performing large-cap cryptocurrencies in September.
SUI Price Soars After Daily Trading Rises
The token saw a remarkable 100% surge last month, and the rally continued into October, with SUI poised to set a new all-time high on October 7. Additionally, SUI gained more attention after overtaking Solana in terms of daily trading volume, solidifying its growing presence in the market.
SUI’s price saw a significant increase as its daily transactions surpassed those of Solana on October 7. The unexpected turnaround came after SUI transactions soared to 118 million on October 5, up from around 10 million per day in September. This increase follows Circle’s announcement of native support for USDC on SUI’s Layer 1 blockchain platform.
Assets Added to Roadmap Today: USDC on Sui
– Coinbase Assets 🛡️ (@CoinbaseAssets) October 8, 2024
Additionally, Coinbase added USDC to Sui on its listing roadmap, further boosting interest. Bybit’s addition of SUI on Launchpool and its support for Sui’s native token also fueled the price momentum, making SUI the first native cryptocurrency on Bybit’s platform.
SUI Price Eyes ATH Despite Market Corrections
After a sharp rise in the market in recent days, the SUI Price saw a notable decline, falling 5.90% to $1.94 at press time. The digital asset, which recently hit a 24-hour low of $1.94 and a high of $2.13, saw some fluctuations, reflecting a volatile trading day. Sui price reached an all-time high of $2.18 on March 27, 2024, a 10.5% decline from its peak.
Sui price faces resistance around the $2 mark. However, improving market conditions could allow a push towards this level soon. If the coin reaches $2.18, that would represent a significant increase of almost 10% from its current value.
Such a move could bring the cryptocurrency closer to its all-time high (ATH), potentially sparking renewed investor interest.
The current value of Chaikin Money Flow (CMF) is 0.01, indicating neutral market sentiment. It recently showed an uptrend before stabilizing.
According to ChallengeLlama the data, the Layer A blockchain has locked a total value of $2.98 billion. This marks an important milestone for the platform as it continues to expand its presence in the decentralized finance (DeFi) space. The increase in Sui’s total value locked (TVL) reflects growing confidence in the network’s capabilities and growing adoption in various DeFi projects.
Although Sui price has retreated slightly from its recent highs, continued growth in DeFi transactions and activity suggests potential for further gains. With resistance near $2 and growing interest from key platforms, Sui remains a token to watch, especially if it makes another push towards its all-time high.
Frequently Asked Questions (FAQ)
SUI’s price rise is driven by a 100% increase in daily trading volume, surpassing that of Solana, as well as growing DeFi activity on its network.
SUI reached an all-time high of $2.18 on March 27, 2024.
The $2 mark remains a crucial resistance level for SUI’s next potential push towards an ATH.
Quince stick
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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