The daily transaction volume on the Sui blockchain has skyrocketed by 115%, indicating increased demand and potential for a breakout above the $2.00 mark.
After taking a support at the $1.60 level, SUI SUI $2.19 24h volatility: 1.0% Market cap: $7.11 B Vol. 24h: $963.67 M price is back in action gaining over 12% in the last 24 hours, and eyeing a breakout past $2.0. Also, the daily transaction volume on the Solana-competitor Layer-1 blockchain Sui has surged by a staggering 115% showing that the altcoin is eyeing a major breakout above $2 in the coming days.
The rise in transactions indicates a significant uptick in blockchain interactions and an increasing demand for the SUI token. Furthermore, what’s driving the SUI price rally is also the overall growth in the meme coin ecosystem.
Sudeng (HIPPO), the meme coin with the highest market cap on the Sui network has surged by a staggering 165% over the past week. On the other hand, aaa cat (AAA), another meme coin on the Sui network has surged by a staggering 370%.
The surge in daily transactions shows that Sui could be emerging as a formidable competitor to Solana in the future. In light of these developments, Sui’s Open Interest (OI) has also increased, currently sitting at $827.69 million and approaching its yearly high. An increase in OI signifies growing market liquidity, whereas a decrease implies that traders are closing their positions and withdrawing funds.
With OI on the rise and SUI’s price trending upward, the token may attain a higher value as more liquidity enters the market. Thus, this time, bulls can break past the $2 resistance comfortably.
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Courtesy: Santiment
SUI Price to Rally 20% from Here?
As of press time, the SUI price is trading 11% up at $1.94 with a market cap of $5.3 billion. One factor contributing to this forecast is the Exponential Moving Average (EMA), which emphasizes recent price movements to help predict future trends.
Typically, a price below the EMA indicates a bearish trend, while a price above suggests a bullish trend. Currently, SUI’s price is positioned above both the 20 EMA (blue) and the 50 EMA (yellow).
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Courtesy: TradingView
If the SUI price sustains these EMA levels, it could surpass its all-time high levels of $2.18, surging another 20% from here to $2.30. However, if major profit booking comes again at $2, the SUI price can retrace to $1.66 again amid the strong selling pressure.
Layer-1 blockchain network Sui has been getting immense praise from industry veterans recently. Cardano co-founder Charles Hoskinson recently praised the Sui network in a blockchain post over the past weekend.
In a post on X, the founder of Cardano stated that the Sui network represents what Solana could have been, suggesting that Sui is a superior alternative to the leading layer-1 blockchain. This comment followed his insights into Sui, where he expressed admiration for the work of George Danezis, one of Sui’s original contributors. He concluded by wishing them “great success in the space”.
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