SUI Network [SUI] is quickly solidifying its position as a prominent Layer-1 blockchain, offering speedy transactions at a low cost and user-friendly experience.
The uptrend in Open Interest for SUI indicates a rising adoption rate, signaling an influx of traders into the SUI ecosystem.
With Open Interest for SUI soaring by more than 700% over the past three months, surpassing many other popular cryptocurrencies, the trend is expected to persist due to heightened market activity.
In terms of price performance, SUI has displayed resilience, recording a 3% increase in the last 24 hours, as reported by CoinMarketCap, following a 16% surge the day before.
These upward movements indicate SUI’s potential to maintain momentum and potentially reach the $4 milestone before the year ends. While the price has already entered its all-time high (ATH) region, the critical question remains whether it can ascend further.
SUI has broken above the upper trendline of a descending channel, confirmed by a retest with three touches at the breakout level.
The CMF indicator is also favorable, boosting confidence in a possible rally towards $4 in the near term.
Considering historical data pointing towards a bullish fourth quarter for the wider crypto market, SUI seems well-equipped to achieve additional growth.
SUI Crypto TPS Surpasses Previous Records
SUI’s transaction speed is a significant factor contributing to its increasing dominance.
For the third consecutive day, SUI has surpassed 1,000 transactions per second (TPS), outperforming Solana [SOL], the longstanding holder of the fastest Layer-1 blockchain title.
This remarkable feat highlights SUI’s potential to surpass Solana in crucial aspects.
Its superior speed makes it an appealing choice for users seeking swift transactions, further strengthening the case for SUI to reach the $4 target in the immediate future.
SUI’s Total Value Locked (TVL) and Volume Growth
SUI’s overall ecosystem is experiencing unprecedented growth in critical metrics like Total Value Locked (TVL) and trading volume.
The expansion of the ecosystem has outpaced many other blockchains, positioning SUI as a strong competitor in the crypto landscape.
Memecoins within the SUI ecosystem are garnering significant attention, with the top 20 SUI-based memecoins recording a minimum 250% increase in the past 24 hours alone.
This surge in memecoins echoes Solana’s rapid ascension in 2021 when SOL saw a surge of over 2,500%.
SUI’s performance suggests it could dominate the upcoming bullish market, making the $4 price target appear more within reach.