Positioning itself as a prominent Layer-1 blockchain, Sui Network [SUI] is swiftly gaining recognition for its efficient, cost-effective transactions and user-friendly interface.
The increasing adoption of the network, as evidenced by the escalating Open Interest, signifies a growing number of traders entering the SUI ecosystem.
Over the recent three months, SUI has seen a remarkable surge of more than 700% in Open Interest, surpassing the growth rates of other well-known cryptocurrencies. This upward trajectory is likely to persist, fueled by heightened market participation.
In terms of price performance, SUI has displayed strength by rising 3% in the last 24 hours, as reported by CoinMarketCap, following a 16% upsurge on the previous day.
This positive trend indicates that SUI is maintaining its momentum and could potentially reach the $4 threshold by the year’s end. While the price has already touched its all-time high range, the pivotal question remains whether it can ascend further.
Breaking through the upper trendline of a descending channel, SUI’s upward movement has been validated by a retest with three confirmatory touches at the breakout level.
Additionally, the CMF indicator is displaying positivity, instilling further confidence that a rally towards $4 could be on the horizon.
With historical data pointing towards a bullish fourth quarter for the wider crypto market, SUI seems well-equipped for additional advancement.
SUI Crypto Transactions per Second (TPS) Reach New Peaks
SUI’s transaction speed stands out as a contributing factor to its increasing prominence.
For three consecutive days, SUI has surpassed 1,000 transactions per second (TPS), outperforming Solana [SOL], the long-time frontrunner in rapid Layer-1 blockchain transactions.
This notable feat underscores SUI’s potential to surpass Solana in significant aspects.
Its superior transaction speed makes it an appealing choice for users seeking swift transactions, further bolstering the argument for SUI to attain the $4 target in the foreseeable future.
SUI’s Total Value Locked (TVL) and Trading Volume
SUI’s overall ecosystem is witnessing substantial growth in fundamental metrics like Total Value Locked (TVL) and trading volume.
The ecosystem’s expansion has outpaced many other blockchains, positioning SUI as a key player in the crypto sphere.
Memecoins within the SUI ecosystem are garnering significant interest, with the top 20 SUI-based memecoins witnessing growth of at least 250% in the past 24 hours.
This surge in memecoins is reminiscent of Solana’s remarkable surge in 2021, where SOL achieved over a 2,500% increase.
SUI’s current performance hints at its potential dominance in the upcoming bullish market, making the $4 price target appear increasingly within reach.