- SUI’s DEX volume surpassed that of Solana, reaching $7.5 billion and attracting investor interest.
- Powered by technological advancements, SUI’s rapid growth positions it as a powerful blockchain competitor.
SUI Network outpaced Solana (SOL) in terms of decentralized exchange (DEX) volume, amassing an impressive $7.5 billion in transactions.
This rapid growth has turned heads in the crypto space, sparking new interest from investors eyeing SUI’s potential.
As its ecosystem grows with new projects and improved features, many are wondering: could this momentum drive SUI’s price higher?
Key Factors Behind SUI’s Growth
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When comparing DEX trading volumes, SUI showed a stronger growth trajectory than Solana.
Over a 550-day period, with data aggregated every 50 days, the former’s trading volume reached 25.4 billion, surpassing Solana’s 17.9 billion.
User activity on both networks increased, but SUI’s growth rate accelerated around day 300, suggesting significant traction and potential overtaking Solana in commercial activity.
SUI’s increased DEX volume can be attributed to its recent progress.
This included the launch of the Mysticeti consensus engine, which increases transaction capacity, and its integration with Google Cloud for scalable and secure application deployment.
How Price Reacted to DEX Growth
SUI posted strong price performance, reflecting its recent dominance over Solana in DEX volume. Trading around $2.30 at press time, it has made an impressive 82.80% gain over the past few months.
In comparison, SOL’s price increase during the same period was 35.64%, indicating that SUI significantly outperformed Solana in terms of investor interest and market dynamics.
Its trading volume has also increased, suggesting increased activity and increased buying interest.
Source: TradingView
SUI’s RSI stood at 61.61, signaling strong buying momentum, but still below the overbought threshold, which could indicate room for further upside.
The OBV also shows a steady upward trend, indicating strong accumulation.
Read Sui (SUI) Price Forecast 2024-2025
This price momentum aligns with SUI’s increasing DEX volume, signifying growing utility, investor confidence, and potential price appreciation.
Overall, SUI’s strong price rally, driven by its growing DEX dominance, suggests promising prospects for further gains.
