With a 15% weekly increase, the price of Sui is surging and is approaching all-time highs following the introduction of Grayscale's Sui Trust and the integration of the Mysticeti Consensus Protocol.
The market value of Sui (SUI) pricing layer 1 blockchain has significantly increased recently. The price of Sui has clearly increased within the past week. The majority of cryptocurrencies have been trading lateral, while SUI has a strong bullish trend that points to significant gains.
A Week's Sui Price Increases by 7% Considering ATH
As market circumstances improved, the price of Sui rose dramatically, climbing by 15% in only the last week. This expansion comes after the Mysticeti Consensus Protocol was integrated, cutting the consensus time down to just 390 milliseconds.
Faster transactions over the blockchain are made possible by this improvement. In addition, Grayscale recently unveiled the Sui Trust, providing eligible investors with a new way to access Sui's market performance via a structured investment vehicle.
Sui price spikes, suggesting a positive trend in the realm of cryptocurrencies. The price of the SUI was trading at $1.13 at the time of reporting, indicating a significant increase of more than 11.39% over the previous day.
Will Sui Price soon reach $1.5?
Data from CoinMarketCap also shows that trading volume increased significantly by 70.35%, suggesting increased interest and activity around the cryptocurrency. Sui is now ranked 28th among cryptocurrencies with a market value of over $3 billion, demonstrating strong investor confidence and market momentum.
Data from Coinglass indicates that there has been a lot of trading activity lately on the Sui price. The open interest in the market increased by 16.72% to over $296.60 million, while the trading volume increased by 105.59% to $1.71 billion. This suggests that traders' interest in Sui's financial products has increased significantly, as has market participation.
At the $1.5 mark, the layer 1 is presently facing strong opposition. The asset may rise to $2.00 if the market trend turns in favor of buyers. An additional rise to $2.18 may bring it back to its previous all-time high, which was set on March 27, 2024, six months ago. In comparison to its existing position, such a move would indicate an almost 96% jump.
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