• Sui Network hits a new all-time high in active accounts and SUI price growth.

  • Institutional support from VanEck and Grayscale boosts Sui’s visibility and adoption.

  • Developer interest and DeFi protocols contribute to Sui's expanding ecosystem and total value locked.

The Sui Network is experiencing a major surge. Active accounts have hit a new all-time high, and SUI’s price has soared. Since August, the token has surged over 500%, reaching $3.6 on November 18. With a weekly close above $3.7, the market shows clear bullish momentum.

https://twitter.com/QuintenFrancois/status/1858450654244606079?t=ABBGY5pIIM5k8ipYSt9g-Q&s=19 Institutional Support Drives Sui’s Rise

Sui’s recent growth is backed by strong institutional support. VanEck and Grayscale have played a significant role in this surge. The VanEck Sui ETN (VSUI) raised over $102 million since its November 7 launch. The Grayscale Sui Trust has also grown to $5.7 million in assets under management. These investments are helping boost the network’s visibility and adoption.

The Sui Network is now a major player in the layer one blockchain space. DeFi protocols have flocked to the network, driving up total value locked to $1.61 billion. At the same time, stablecoin market cap increased to $347 million on November 18. Active accounts are a big reason for this growth, reaching over 30 million. This rise in active users has fueled more locked assets, driving Sui’s ecosystem forward.

Sui’s compatibility with multiple chains has made it attractive to Web3 developers. Over 80 projects have received funding through competitive grants. Notable protocols such as Cetus AMM, Ondo Finance, and Mole platform have built on Sui, expanding its DeFi presence. Developer interest continues to grow, further strengthening the network.

Technical Indicators Show SUI in Parabolic Growth

On the technical side, SUI’s weekly Relative Strength Index has climbed above 75%, the highest since the token launched. This indicates strong bullish sentiment and suggests that SUI is in a parabolic growth phase. The pattern of higher highs and higher lows also signals continued bullish momentum.

In the short term, a slight pullback could trigger more buying as traders jump in. Several factors are fueling Sui’s growth. Its multi-chain compatibility allows for a wide range of decentralized applications.

As Bitcoin nears the $100,000 mark, Sui’s momentum looks set to continue. With strong institutional backing and growing developer interest, Sui is on track for further success.

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