Sui Network has hit yet another milestone, making its volume surge past most of its peers. According to blockchain data, Sui Network saw a 24 hour trading volume of $1.35 billion, being way ahead of rivals like Tron, Aptos etc.
This surprising comeback is partially driven by memecoin performance. These numbers are especially noteworthy given that overall DEX volumes decreased in September, falling to just $114 billion from $172 billion the month before, the lowest level since February.
The rise also comes on the back of SUI token’s surging price. At the press time, SUI is trading at $2.05, up nearly 11.20% as compared to same time last day.
SUI Network Hype Comes As Network Sees Advancements
The spike in SUI transactions and price increases are caused by a number of factors. The first is the launch of SCION, a ground-breaking infrastructure that improves Web3 apps’ network resilience, security, and latency.
Additionally, the explosion of transactions has been greatly aided by the institutional adoption of SUI. In August 2024, Grayscale made its SUI Trust available to accredited investors who wanted to learn more about SUI. This has played a significant role in increasing the blockchain’s volume and visibility through transactions.
Additionally, through its integration with Google Cloud’s Pub/Sub platform, powered by ZettaBlock, the Sui blockchain has made important strides in the development of decentralized applications and artificial intelligence (AI).
SUI Price: Will It Keep Growing In The Future?
SUI price has seen significant rise in the past 24 hours. At present, the token stands as the top gainer for the day, according to data from CoinMarketCap.
Market participants are now wondering if SUI can continue this price surge in the future. Given the current optimism continues, in the coming month, the price of Sui Crypto is expected to increase likely hitting the $6.89 mark.
The current sentiment for the token is bullish, according to most parameters, and the Fear & Greed Index is currently at 69 (Greed). Over the past 30 days, Sui Crypto has experienced 15 out of 30 (50%) green days and 7.93% price volatility.
With 25 technical analysis indicators indicating bullish signals and one indicating bearish signals, the overall sentiment regarding the Sui Crypto price prediction is bullish.
Market technical indicators suggest that Sui Crypto’s 200-day SMA will increase over the course of the upcoming month, reaching $1.59806 by November 29, 2024. During the same time, Sui Crypto’s short-term 50-Day SMA is predicted to reach $3.24.
One well-liked indicator that shows if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. With the RSI value at 43.98 right now, the SUI market is in a neutral position.