Sui (SUI) price has recently experienced a notable rise in market value, standing out even as the broader cryptocurrency market struggles. Over the past week, SUI has defied the downturn, continuing its upward momentum after being one of the top-performing large-cap cryptocurrencies in September.Â
SUI Price Soars After Daily Transactions Spike
The token saw a remarkable 100% increase last month, and the rally carried over into October, with SUI coming close to setting a new all-time high on October 7. In addition, SUI drew more attention after surpassing Solana in daily transaction volume, further solidifying its growing presence in the market.
SUI price saw a significant boost as its daily transactions surpassed Solana’s on October 7. The unexpected flip occurred after SUI’s transactions soared to 118 million on October 5, compared to around 10 million daily in September. This surge followed Circle’s announcement of native USDC support on SUI’s layer-1 blockchain platform.Â
Assets added to the roadmap today: USDC on Suihttps://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️ (@CoinbaseAssets) October 8, 2024
Additionally, Coinbase added USDC to Sui on its listing roadmap, further boosting interest. Bybit’s addition of SUI on Launchpool and its support for Sui’s native token also fueled price momentum, marking SUI as the first native cryptocurrency on Bybit’s platform.
SUI price Eyes ATH Despite Market Corrections
After a market surge over the past few days, the SUI price has experienced a notable drop, slipping by 5.90% to $1.94 at press time. The digital asset, which recently hit a 24-hour low of $1.94 and a high of $2.13, has seen some fluctuations, reflecting a volatile trading day. The Sui price hit an all-time high of $2.18 on March 27, 2024, marking a 10.5% decrease from its peak.
The Sui price is facing resistance around the $2 mark. However, improving market conditions might support a push towards this level soon. If the coin reaches $2.18, it would mark a significant increase of nearly 10% from its current value.Â
Such a move could bring the cryptocurrency closer to its all-time high (ATH), potentially sparking renewed investor interest.
The current Chaikin Money Flow (CMF) value is 0.01, indicating a neutral market sentiment. It recently showed a bullish trend before flattening out.
According to DefiLlama data, the Layer One blockchain has locked a total value of $2.98 billion. This marks a significant milestone for the platform as it continues to expand its presence in the decentralized finance (DeFi) space. Sui’s rise in total value locked (TVL) reflects growing confidence in the network’s capabilities and increasing adoption across various DeFi projects.
While the Sui price has pulled back slightly from its recent highs, the continued growth in transactions and DeFi activity suggests the potential for further gains. With resistance near $2 and increasing interest from key platforms, Sui remains a token to watch, especially if it makes another push toward its all-time high.
Frequently Asked Questions (FAQs)
SUI’s price surge was driven by a 100% rise in daily transaction volume, surpassing Solana’s, alongside growing DeFi activity on its network.
SUI reached an all-time high of $2.18 on March 27, 2024.
The $2 mark remains a crucial resistance level for SUI’s next potential push toward an ATH.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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