Nov 19, 2024

6thTrade

Sui Network, a fast-growing Layer-1 blockchain, has achieved significant on-chain milestones, bolstering its native token, SUI. The token has surged 90% from its all-time low in November and is showing no signs of slowing down.

Key Metrics and Price Performance

SUI recently recorded an all-time high (ATH) of $3.927, with its market cap surpassing $10 billion. Trading at $3.75 as of now, SUI has maintained a steady uptrend over the past week. Its transaction volume has skyrocketed to $1.67 billion, up from a daily average of $395 million last month, reflecting growing user engagement with the network’s decentralized applications (DApps) and NFT ecosystem.

Additionally, the number of active wallets on the Sui network has increased, signaling heightened participation through transactions, staking, and dApp usage.

Factors Driving SUI’s Growth

SUI’s growth is attributed to a combination of factors, including:

  • Consistent Milestone Achievements: The network’s ability to hit key metrics has boosted investor confidence.

  • Broader Market Recovery: The ongoing cryptocurrency bull cycle has amplified altcoin performance, benefiting SUI.

  • Developer Interest: The network's speed and scalability have attracted developers, further expanding its ecosystem.

Prominent analyst Cryptojack sees SUI as a high-potential asset capable of achieving new highs, supported by its strong fundamentals and resilient price action.

SUI’s TVL and Bullish Outlook

The Total Value Locked (TVL) on the Sui network has surpassed $1.38 billion, reflecting growing investor confidence in the platform’s security and utility. Analysts predict that if SUI breaks its $4 resistance, the token could target $5 or even $6, provided the bullish sentiment continues.

Sui Name Service Token Launch

The recent launch of the Sui Name Service (SuiNS) token on November 14 has further strengthened the ecosystem. The transition to a decentralized model empowers the community to shape the project’s future. With 183,369 SuiNS holders receiving airdropped tokens, the launch has reinforced trust and engagement within the Sui community.

Outlook for SUI

With its impressive milestones, increasing adoption, and bullish market conditions, SUI is positioned for further growth. If the current momentum holds, SUI could reach new heights, solidifying its place among high-performing blockchain protocols.