Sui Crypto: Network Announces Support For Phantom Wallet, Price Soars

The Sui crypto network has arguably been one of the fastest-growing blockchains in 2024. Its latest announcement reveals a plan to maintain that status by expanding its reach.
Sui recently announced that it will add support for the Phantom wallet. The latter is one of the most popular wallets aimed at providing efficient and user-friendly access to DeFi. The announcement therefore highlights Sui’s plans to expand in the DeFi segment.
But what does this really mean for the Sui blockchain? Among the biggest benefits include access to more liquidity, and access to more users.
This could lead to more transaction activity, and overall more value flowing into the network.
SUI Crypto Extends Bullish Run into New Highs
The Sui blockchain’s pursuit of aggressive growth has already yielded heavily in favor of its native cryptocurrency. SUI crypto has been heavily bullish in the second half of 2024.
The cryptocurrency just soared to a new ATH after rallying as high as $4.44 on Thursday.
Sui’s new ATH built on the bullish momentum that the cryptocurrency achieved in November. This performance meant that the cryptocurrency was up by 839% from its lowest point in August (H2 low) to the recent high.
The new ATH was aided by $50.75 million worth of net inflows in the last 24 hours in the spot market. It was also backed by roughly $816 million worth of demand in the derivatives segment.
Although SUI crypto bulls have been dominant with the recent push, it may also be due for a sizable retracement. This is because the price recently formed a bearish divergence with its RSI.
The observation may encourage some profit-taking from the cohort of traders that purchased it near 2024 lows.
A Recap of SUI On-Chain Stats
The latest SUI peak was not the only ATH that it achieved this week. The Sui network’s TVL soared as high as $1.79 billion on Thursday. This marked a new historic high for the metric, underpinning the robust growth it has achieved so far.
The new TVL ATH was backed by robust volume which also soared to a new high of $5.1 billion during the same period.
The new TVL milestone officially makes Sui crypto one of the fastest growing blockchain networks. To put this into perspective, the network had a TVL of $326.8 million on 6 August. It was even lower at $211.99 million at the start of the year.
Although the above metrics underscore positive growth, not all aspects have been on the come-up. Its stablecoin growth has been negative since the second week of November.
Stablecoin marketcap dipped from $394.2 million on 3 November to $319.05 million as of 5 December. So far this declining liquidity has not posed a challenge for the network.
Can Sui network sustain this demand well into 2025? Well, the latest data underscores a positive development that could pave the way for liquidity inflows. Potentially even more adoption.
From the looks of it, Sui crypto appears to be on a healthy growth trajectory with no signs of slowing down.
Therefore, current expectations indicate that it could stay on the same track assuming that the market remains bullish. Nevertheless, natural pullbacks are expected along the way.
#SuiNetwork #SUI #PhantomWallet #CryptoCommunity #CryptoNews

Chika Moji New Memecoin, Get 100,000 Chika Tokens $100 Free, Join Airdrop Now On ChikaMoji.lol

Solana's dominant Phantom Wallet is down as some users reported cases of unsuccessful transaction submissions

STORY HIGHLIGHTS
Phantom Wallet is downUsers recorded cases of unsuccessful transactionsSolana developers are looking for permanent resolution to the incessant outages
Phantom Wallet, the dominant Web3 wallet in the Solana ecosystem is reportedly down, another case of outage rocking the Proof-of-Stake (PoS) layer-1 blockchain network in recent times.
Phantom Wallet Outage: What We Know

Chika Moji New Memecoin, Get 100,000 Chika Tokens $100 Free, Join Airdrop Now On ChikaMoji.lol

According to the accounts from members of the Solana and Phantom Wallet communities, the browser version of the wallet does not permit submitted transactions to be viewed. Additionally,  transactions initiated on Phantom Wallet could not be submitted with users having no idea what could be wrong.
Several users have corroborated the claims of the Phantom Wallet outage, however, the claims of the app’s unavailability appear not to be a general trend. While some users are unable to access their accounts or complete transactions, some claim to have filed a successful transaction over the past few hours.
The screenshot of a transaction showcased by Independent Crypto Journalist Colin Wu displayed a “no data” prompt on the overview page of the browser wallet. Phantom Wallet has not acknowledged any of these outage claims, a situation that implies the downtime is not comprehensive yet.
The community reported that the Phantom wallet transfer could not be submitted and was suspected to be down. Currently, SOL transfer transactions cannot be viewed in the blockchain browser after being submitted to Phantom Wallet. pic.twitter.com/ggkrvaYmzs— Wu Blockchain (@WuBlockchain) March 17, 2024

Chika Moji New Memecoin, Get 100,000 Chika Tokens $100 Free, Join Airdrop Now On ChikaMoji.lol

Phantom Wallet is not alien to downtimes and as a Solana-based wallet, this is largely not a surprising event for many users. Earlier in February, Phantom Wallet was hit with a DDoS attack, a situation that forced the protocol to halt transactions and services temporarily.
With the growth of Solana in recent times, Phantom has also recorded immense growth. Earlier this month, the protocol celebrated 4 million monthly active users, a large user base that might largely fuel congestion on its platform. Overall, Phantom Wallet is not free from any related hiccups as a major transfer from the parent Layer-1 blockchain.
Permanent Resolution to the Solana Outage Menace
With Solana growing as a network and SOL’s expanding dominance as a digital currency, the Solana Foundation is actively exploring solutions to bring an end to the regular outages it suffers. As reported recently, the Solana Foundation is exploring making priority fee payment a standard for applications built on the network.
Additionally, the new design hacks will seek to leverage the optimization of the total compute units (CU) usage. This innovation will be encouraged to increase the amount of transactions that can land on the network, thus enhancing its overall throughput/scalability.
Many experts are bullish on Solana and despite its technological prospects, there is a consensus that the outage menace might stump its bid to outpace Ethereum if not resolved.

Chika Moji New Memecoin, Get 100,000 Chika Tokens $100 Free, Join Airdrop Now On ChikaMoji.lol

#Bitcoin #Altcoin #Cryptocurrency #PhantomWallet $SOL