SUI prices were trading down on December 9th despite the networking hitting yet another impressive milestone. According to on-chain data, Sui Network crossed a $35 billion in total DEX Volume.
The milestone for SUI’s DEX volume comes amid rise in popularity for the network. Despite this, the coin is trading down at $4.04, a fall of nearly 4.20% as compared to the same time last day.
SUI Network Gains Popularity Among Peers
The Sui network is well-known for its quick transaction times, scalability, and user experience-enhancing capabilities. The most attractive feature of the ecosystem is that by processing transactions in parallel, Sui’s validators can increase throughput and decrease latency. Users can also experience blockchain at the speed of the internet thanks to this.
Additionally, Sui’s ability to scale horizontally enables it to meet increasing demand without boundaries. Also, Sui’s features, such as interoperability and security, are intended to enhance the user experience.
One of the most popular turn for the ecosystem happened when Circle’s USDC stablecoin was integrated, Sui outperformed Solana in speed.
SUI Price Down: What is Happening?
SUI network’s price has been down for most of 9th December, although the monthly trading for the coin indicates a green trajectory. One event that did create a doubt among investor minds was when previously SUI network saw a system breakdown.
On November 21, the Sui Network blockchain was unavailable for over two hours making investors worried about their funds.
The network had declared that it is momentarily unable to process transactions due to sharing its layer-1 infrastructure with another blockchain within the network, and verified the outages via its official X account.
Will SUI Keep Trading Downwards?
SUI price has been trading down but the Fear & Greed Index for the coin is currently at 78 (Extreme Greed), indicating a bullish sentiment
Throughout the previous 30 days, Sui Crypto saw 18 out of 30 (60%) green days and 10.95% price volatility. The overall sentiment for the Sui Crypto price prediction is bullish, with 23 technical analysis indicators indicating bullish signals and 5 indicating bearish signals.
If the current sentiment and optimism does continue, Sui Crypto’s 200-day SMA is expected to increase over the course of the upcoming month, reaching $2.66 by January 8, 2025. Additionally, the short-term 50-day SMA for Sui Crypto is predicted to reach $6.18.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. As of right now, the SUI market is overbought, according to the RSI value of 78.46.