Date: Thu, Sept 12, 2024, 05::48 AM GMT
The cryptocurrency market saw a standout performance today from Sui Network, a Layer-1 blockchain that's gaining attention for its developer-friendly platform for creating and deploying smart contracts. Over the past 24 hours, SUI, the network's native token, has surged by an impressive 15.60%, breaking through the $1 mark with a market cap of $2.72 billion.
Source: Coinmarketcap
Even more notably, SUI has outperformed other Layer-1 tokens over the past week, boasting a 24.74% increase.
What's Driving It?
1)Technical Breakout:
Source: X
One of the key drivers behind SUI's recent rise is its breakout from a symmetrical triangle pattern. According to crypto analyst Abu-Nuveen, SUI broke out around the $1.00 level and is currently retesting this area. If SUI can break through the next resistance levels at $1.17 and $1.40, a bullish wave might follow.
2) Growth in Daily Active Accounts:
Source: Suivision
Over the past 30 days, Sui Network has seen significant growth in the number of daily active accounts, which refers to account addresses making at least one transaction each day. As of September 11, the daily active accounts have surged to 982.71K, the highest since August 13, when the count was 390K.
Additionally, the total active accounts have seen a spike, rising from 16.58 million to 19.05 million in the past month. This growth in active users is a strong indicator of the expanding Sui ecosystem, directly influencing the token's price.
3) Ongoing Developments:
Sui Network has been busy with continuous developments, which is also driving its price up. In just the past 24 hours, SUI has announced two significant partnerships鈥攐ne with Goldsky and another with the RECRD platform. These collaborations are expected to bring more utility and attention to the Sui ecosystem.
Sui Network's recent performance shows that it's not just another Layer-1 blockchain but a growing ecosystem with strong technicals and increasing user activity. Keep an eye on SUI as it continues to break new ground.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and involve significant risk.
