The recent surge in the cryptocurrency markets has led to a substantial increase in decentralized exchange (DEX) trading volume for SUI Network (SUI) when compared to Aptos (APT).
SUI’s trading volume has skyrocketed to $28 billion, three times higher than APT’s volume of $9.4 billion. The sharp upward trend in SUI’s volume indicates a rapid growth and increased activity on its DEX platforms. This difference in volume signifies a strong market preference and liquidity on SUI Network, possibly reflecting better technological adoption or investor confidence over Aptos.
If this trend continues, SUI could solidify its position as a prominent platform, attracting more investors looking to capitalize on its higher liquidity and vibrant trading ecosystem.
Evaluating Performance and Price Movement
SUI has seen a modest 8% increase in price over the last 24 hours, pushing it to $3.18, whereas Aptos experienced a 1% uptick, reaching $12.24 at the time of writing.
Both cryptocurrencies witnessed a price surge during the recent bullish trend in the crypto market, influenced by Bitcoin’s impressive performance. However, SUI’s trading volume declined by 22%, while Aptos observed a nearly 60% decrease.
SUI’s price movement demonstrated an upward trajectory, breaking out of a bearish pattern towards the end of August and maintaining a sharp ascent since then. This breakout, coupled with consistent gains, indicates significant buying interest and bullish sentiment in the market.
Recent price movements show SUI crossing above its long-term moving average (EMA 200), suggesting a potential for further upward momentum. In fact, SUI may aim for higher resistance levels, potentially approaching the $4 threshold on the price charts.
In contrast, Aptos displayed a notable price spike after a prolonged downtrend within a bearish pattern. The recent surge, surpassing previous resistance levels, hints at a powerful reversal and increased investor confidence in the cryptocurrency.
Aptos, with over 8 million monthly users, introduced the world’s first staking Exchange-Traded Product (ETP) on the SIX Swiss Exchange, aiming to promote institutional adoption. It is conceivable to anticipate a test of higher price levels for Aptos, potentially reaching the $15 mark.
Is SUI Capable of Overtaking Aptos in Price?
In summary, both cryptocurrencies have exhibited robust recoveries, signaling a positive market sentiment that could influence their future price movements. If the current momentum persists, both cryptocurrencies may continue their upward trends, impacting the broader altcoin market.
Nevertheless, surpassing Aptos in price could pose a challenge when considering the total token supply of both cryptocurrencies. Factors like market capitalization and Total Value Locked (TVL), which reached a new all-time high of $1.4 billion, along with trading volume, might present more feasible opportunities for SUI to outpace Aptos.
Looking forward, SUI may be well-positioned to potentially outperform Aptos in terms of price appreciation, especially if it can replicate Solana’s success in the meme coin sector.