- SUI crypto’s Open Interest was at an all-time high.
SUI maintained the 1000+ TPS for the third day in a row.
As a seasoned analyst with over two decades of experience observing and analyzing the crypto market, I have to admit that SUI Network [SUI] has caught my attention lately. The network’s recent achievements are nothing short of impressive, especially when it comes to its Open Interest, transaction speed, and ecosystem growth.
SUI Network (SUI) is swiftly making its mark as a prominent Layer-1 blockchain, delivering swift, affordable transactions, and boasting user-friendly features.
The increasing use of the network, as shown by the upward trend in Open Interest, suggests an influx of new traders joining the SUI system.
Over the past three months, I’ve observed an astonishing over 700% increase in Open Interest associated with SUI, outpacing most prominent crypto counterparts. This growth trajectory seems poised to persist, fueled by a surge in market dynamics and activity.
Over the last 24 hours, it has demonstrated strong performance, rising by approximately 3%, as per CoinMarketCap. This comes after a significant surge of around 16% the day before.
It appears that the upward trend for SUI is being sustained, indicating a possible reach of $4 by year-end. Currently, the price has touched its all-time high territory, yet the crucial point is if it can surpass this level further.
SUI broke the upper trendline of a descending channel, confirmed by a retest with three touches at the breakout level.
The CMF indicator is also showing a positive signal, which strengthens our belief that a price surge towards $4 might occur shortly.
Based on past trends indicating a potentially positive Q4 for the overall crypto market, it seems that SUI could be poised for even more growth.
SUI crypto TPS at new heights
Sui’s transaction speed is another factor contributing to its growing dominance.
As a crypto investor, I’ve noticed an exciting development for three days straight: SUI has managed to process more than 1,000 transactions per second (TPS), outpacing Solana [SOL], which used to be known as the fastest Layer-1 blockchain. This remarkable feat is something to keep a close eye on in the crypto space.
This remarkable achievement underscores SUI’s potential to overtake Solana in key areas.
With its lightning-fast processing, it becomes a compelling choice for those desiring swift transactions. This impressive performance serves to bolster the argument that SUI could soon reach its predicted value of $4.
SUI’s TVL and Volume
The total system of SUI is seeing remarkable expansion, particularly in significant indicators like Total Value Staked (TVS) and transaction volume.
The growth of SUI‘s ecosystem has surpassed that of numerous other blockchains, making it a strong candidate to challenge other players within the cryptocurrency market.
In the SUI environment, there’s been a surge of interest in meme coins, as evidenced by the top 20 SUI-related meme coins jumping up by at least 250% within the last 24 hours.
Read Sui’s [SUI] Price Prediction 2024–2025
The rapid growth of memecoins brings to mind the extraordinary ascent Solana experienced in 2021, where its value soared by more than 2,500%!
Based on its current performance, it appears that SUI might take the lead during the approaching bull market, making the goal of $4 per share seem increasingly attainable.
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2024-10-08 19:36