The price of SUI has increased by more than 9% today after closing in red for the past three days. The price now looks like it is about to continue the broader bullish rally after bouncing off support at around $1.70.
This strong support level is one reason the price is moving up. However, there are also other positive on-chain metrics that are catalyzing this bullish run.
Heightened Interest and Activities Within the SUI Ecosystem
Joshua Orhue, known on Twitter as @JoshuaOrhue_, recently reported a significant development in the SUI ecosystem, stating, âBREAKING: 24 HOUR DEX TRADING VOLUME IN $SUI IS AT AN ALL TIME HIGH OF $221.3M.â
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This surge in trading volume indicates heightened interest and activity among traders, which often correlates with price increases. A high trading volume can signify investor confidence and the potential for further upward movement.
Additionally, King.sol noted another impressive metric. According to him, SUI has clocked 746k daily transactions, surpassing Solana with lower fees and faster speed. This also came with no failed transactions. This points to SUIâs efficiency and reliability, which can attract more users and investors, thus driving the price higher.
In another tweet, King.sol added that a $10 billion market cap for $SUI isnât far-fetched. He regards the blockchain as the fastest with user-friendly features and the highest daily transactions.
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$10 billion Mcap for $SUI isnt far fetched. Fastest blockchain User friendly ecosystem Most daily transactions processed You canât lose buying Sui at these levels pic.twitter.com/gK4pcyK8IV
â King.sol (@teddi_speaks) October 11, 2024
With SUI currently holding a market cap of $5 billion, the prospect of reaching a $10 billion market cap would represent a significant 2x increase. This optimistic outlook, coupled with the blockchainâs performance metrics, suggests that the momentum could continue, further boosting investor sentiment.
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