Sui (SUI) Experiences Strong Growth in Daily Transactions and Price
Sui (SUI), a Layer-1 blockchain, has recently witnessed significant growth in daily transaction volume, leading to a 10% price increase in the last 24 hours. With this surge in network activity, many are wondering if SUI is poised for a major rally in the near future.
Stablecoin Integration and Meme Coins Boost Sui’s Performance
The spike in daily transactions on Sui from 4.8 million to nearly 9 million within a day has been a significant driver of recent developments. This growth is attributed to the integration of the Circle (USDC) stablecoin on Sui, as well as the increasing popularity of meme coins like sudeng (HIPPO) and aaa cat (AAA) on the network.
Additionally, the rise in Open Interest (OI) for SUI, which currently stands at $827.69 million, indicates growing market liquidity. This, combined with the upward trend in SUI’s price, suggests that the token could see further appreciation as more liquidity enters the market.
Price Forecast: Potential 20% Surge for SUI
At its current price of $1.92, SUI is nearing its all-time high and shows signs of breaking above this level. The Exponential Moving Average (EMA) analysis indicates a bullish trend for SUI, with the token currently trading above both the 20 EMA and 50 EMA.
If SUI maintains its bullish momentum, it could surpass its previous all-time high of $2.18 and potentially reach $2.30, representing a 20% price increase. However, profit-taking by holders could lead to a temporary pullback to $1.66 before another potential upward move.
Overall, the recent developments in Sui’s network activity, stablecoin integration, and meme coin growth point towards a promising outlook for the token’s price and market performance in the coming days.
