Sui Network Hits New ATH in Active Accounts as $SUI Price Enters Parabolic Phase

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As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I can confidently say that the recent surge in Sui (SUI) has caught my attention. After witnessing the infamous August 5 market crash, I must admit I was hesitant to dive back into the altcoin pool. However, Sui’s impressive 500% rally since then has piqued my interest and reminded me of the potential this space holds.

In the current bullish trend of cryptocurrencies, Bitcoin, trading at around $90,486 with a 24-hour volatility of 0.2% and a market cap of $1.79 trillion, has entered its price discovery phase. On the other hand, Sui, a competitive layer one blockchain using the Move programs language, has seen significant growth in recent times. Since the August 5 market crash, the price of Sui has surged more than 500% to trade above $3.74 during the early New York trading session on November 18. Its 24-hour volatility stands at 0.6%, with a market cap of $10.72 billion and a 24-hour volume of $1.97 billion.

After hitting its highest weekly closing price at approximately $3.7, it’s clear that Sui is currently being driven by bullish forces. Notably, this large-altcoin boasts a fully diluted market capitalization of around $36.5 billion and daily trading volumes averaging about $1.4 billion. Over the past two months, it has demonstrated a pattern of reaching new highs followed by subsequent higher lows.

Furthermore, the price of Sui has now moved into the highly anticipated steep upward trend following a year of consolidation. Looking at it from a technical analysis perspective, Sui’s weekly Relative Strength Index (RSI) has climbed above 75% for the first time since its inception, suggesting even stronger bullish momentum.

On a temporary scale, Suis might experience a slight dip which may entice more FOMO traders by offering them an opportunity to join the market before it potentially rebounds.

Top Reasons Why Sui the Network Has Grown

The Sui blockchain has expanded significantly and is now recognized as a significant Layer 1 platform, hosting numerous decentralized financial (DeFi) applications. As per recent statistics from Defillama, the TVL (Total Value Locked) on the Sui network has surged notably, reaching approximately $1.61 billion at the time of the report compilation.

On Monday, the total value of stablecoins within the Sui ecosystem experienced a substantial growth, reaching approximately $347 million. This surge can largely be credited to an influx of active user accounts, which hit a record high of more than 30 million.

$SUI reaches 30 million active accounts 💥

— Quinten | 048.eth (@QuintenFrancois) November 18, 2024

Institutional investors have recently shown increased interest in the Sui network. With the Bitcoin price getting close to a significant milestone of around $100k, there’s been a substantial increase in capital flowing into the Sui ecosystem during this period of cryptocurrency market shifts.

For example, since it was launched on November 7, 2024, the VanEck SUI Exchange-Traded Note (VSUI) has amassed over $102 million in investments. The VSUI operates exactly like a regular ETF, being fully backed by the SUI token and available for trading on regulated stock exchanges.

According to the latest figures, the value of assets managed by the Grayscale Sui Trust has surpassed $5.7 million.

In the recent timeframe, the Sui network – a blockchain that supports multiple chains – has drawn considerable interest from developers in the web3 community. Notably, the Sui network has backed over 80 web3 projects financially, with additional funds being provided through a competitive process.

On the Sui network, you’ll find several standout decentralized finance (DeFi) solutions that operate across multiple chains, such as the liquidity pool platform Cetus AMM, the lending and borrowing platform Ondo Finance, and the Mole platform for derivatives trading, among numerous others.

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2024-11-18 17:59