SUI vs Solana [SOL]: $7.5B in DEX volume shakes up the game

SUI Network has taken the lead over Solana [SOL] in decentralized exchange (DEX) volume, with an impressive $7.5 billion in transaction activity.

This rapid surge has captured the attention of the cryptocurrency community, sparking renewed interest from investors who see the potential in SUI.

With the expansion of its ecosystem through new projects and improved features, many are speculating on whether this momentum will drive SUI’s price higher.

Crucial Factors Driving SUI’s Expansion

When we compare the volumes of DEX trading, SUI has displayed a more robust growth pattern compared to Solana.

Over a 550-day period, with data collected every 50 days, SUI’s trading volume reached 25.4 billion, surpassing Solana’s 17.9 billion.

Both platforms have seen an uptick in user engagement, but SUI experienced an acceleration in growth around day 300, indicating significant traction and the potential to outpace Solana in trading activities.

The recent surge in SUI’s DEX volume can be attributed to its latest developments, including the introduction of the Mysticeti consensus engine to enhance transaction throughput and its integration with Google Cloud for scalable and secure application deployment.

Price Response to DEX Growth

SUI has demonstrated strong price performance, reflecting its dominance over Solana in DEX volume. Currently trading at $2.30, it has recorded an impressive 82.80% gain in recent months.

In comparison, SOL experienced a 35.64% price increase during the same period, indicating that SUI has been outperforming Solana significantly in terms of investor interest and market momentum.

The surge in trading volume for SUI also suggests heightened activity and buying interest among investors.

With SUI’s RSI standing at 61.61, indicating strong buying momentum but still below the overbought threshold, there is potential for further upside. The On-Balance Volume (OBV) also demonstrates a consistent upward trend, pointing to significant accumulation.

This price momentum aligns with SUI’s growing DEX volume, highlighting increased utility, investor confidence, and the possibility of further price appreciation.

Overall, SUI’s robust price rally, driven by its expanding DEX dominance, paints a promising picture for potential future gains.