[Sui trading volume surges by 85%, laying the foundation for breaking through $2]
As Sui network activity accelerates, the SUI token is poised for a sharp rebound. Daily transaction volume on the Sui network reached 4.8 million on October 2, rising to 9 million the next day, indicating rising demand. This surge in transactions may be related to the launch of USDC on Sui and the growth of meme coins, with the prices of sudeng and aaa cat rising by 165% and 370% respectively.
Open interest (OI) also rose to $827.69 million, indicating increased liquidity in the market. SUI currently trades at $1.92, just 12% off its all-time high. If sustained above the 20 EMA and 50 EMA, SUI could break above $2.18 and rise another 20% to $2.30. But if there is profit-taking, the price could fall back to $1.66.
