SUI network has seen a rise in net inflows, surpassing the number of Ethereum and Solana’s daily trading volume combined.
According to on chain data, SUI network saw a net inflow of $24.3 million in the past 24 hours, being higher than that of Ethereum and Solana.
However, the rise in the net inflows stays in contrast to the price of SUI token. At the press time, the coin is down over 1%, after seeing green trading during the session in the early trading day.
Why is SUI Network Gaining Prominence?
SUI Network has positioned itself as a neck-to-neck option in place of Solana and Ethereum. Though the network has not surpassed the prominence of SOL and ETH, but still has seen a great deal of investor confidence.
Since the launch of its mainnet in May 2023, Sui Network has had a major influence due to two main reasons. First and the foremast being that it has established itself as a formidable competitor in the DeFi, gaming, and retail payments industries thanks to its cutting-edge Layer 1 architecture and developer-friendly programming language.
The second reason is that Sui Network’s architecture is flexible enough to support a wide range of use cases in diverse industries.
SUI Token Reverses Course: Will It Rise Again?
Despite the positive news, SUI token saw a drop in its price due to market volatility. However, accessing its previous trajectory, the coin is currently up 2.3% this month. Seeing this positive momentum, the price of Sui Crypto is expected to increase in the coming month, likely hitting the $6.33 mark.
Market indicators show that the Fear & Greed Index for the coin is currently at 69 (Greed), while the sentiment is neutral. Over the previous 30 days, Sui Crypto saw 15 out of 30 (50%) green days with 7.50% price volatility.
Market parameters also show that SUI at present has 13 technical analysis indicators indicating bullish signals and 11 indicating bearish signals.
In the upcoming month, Sui Crypto’s 200-day SMA is expected to rise, reaching $1.570377 by December 02, 2024. During the same time frame, the short-term 50-day SMA for Sui Crypto is predicted to reach $3.06.
To determine if a cryptocurrency is overbought (above 70) or oversold (below 30), investors use one common indicator that is the Relative Strength Index (RSI). The RSI value is 52.81 at the moment, indicating that the SUI market is in a neutral state.