Sui Crypto: Network Announces Support For Phantom Wallet, Price Soars
The Sui crypto network has arguably been one of the fastest-growing blockchains in 2024. Its latest announcement reveals a plan to maintain that status by expanding its reach.
Sui recently announced that it will add support for the Phantom wallet. The latter is one of the most popular wallets aimed at providing efficient and user-friendly access to DeFi. The announcement therefore highlights Sui’s plans to expand in the DeFi segment.
But what does this really mean for the Sui blockchain? Among the biggest benefits include access to more liquidity, and access to more users.
This could lead to more transaction activity, and overall more value flowing into the network.
SUI Crypto Extends Bullish Run into New Highs
The Sui blockchain’s pursuit of aggressive growth has already yielded heavily in favor of its native cryptocurrency. SUI crypto has been heavily bullish in the second half of 2024.
The cryptocurrency just soared to a new ATH after rallying as high as $4.44 on Thursday.
Sui’s new ATH built on the bullish momentum that the cryptocurrency achieved in November. This performance meant that the cryptocurrency was up by 839% from its lowest point in August (H2 low) to the recent high.
The new ATH was aided by $50.75 million worth of net inflows in the last 24 hours in the spot market. It was also backed by roughly $816 million worth of demand in the derivatives segment.
Although SUI crypto bulls have been dominant with the recent push, it may also be due for a sizable retracement. This is because the price recently formed a bearish divergence with its RSI.
The observation may encourage some profit-taking from the cohort of traders that purchased it near 2024 lows.
A Recap of SUI On-Chain Stats
The latest SUI peak was not the only ATH that it achieved this week. The Sui network’s TVL soared as high as $1.79 billion on Thursday. This marked a new historic high for the metric, underpinning the robust growth it has achieved so far.
The new TVL ATH was backed by robust volume which also soared to a new high of $5.1 billion during the same period.
The new TVL milestone officially makes Sui crypto one of the fastest growing blockchain networks. To put this into perspective, the network had a TVL of $326.8 million on 6 August. It was even lower at $211.99 million at the start of the year.
Although the above metrics underscore positive growth, not all aspects have been on the come-up. Its stablecoin growth has been negative since the second week of November.
Stablecoin marketcap dipped from $394.2 million on 3 November to $319.05 million as of 5 December. So far this declining liquidity has not posed a challenge for the network.
Can Sui network sustain this demand well into 2025? Well, the latest data underscores a positive development that could pave the way for liquidity inflows. Potentially even more adoption.
From the looks of it, Sui crypto appears to be on a healthy growth trajectory with no signs of slowing down.
Therefore, current expectations indicate that it could stay on the same track assuming that the market remains bullish. Nevertheless, natural pullbacks are expected along the way.
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