The price of SUI has increased by more than 9% today after closing in red for the past three days. The price now looks like it is about to continue the broader bullish rally after bouncing off support at around $1.70.
This strong support level is one reason the price is moving up. However, there are also other positive on-chain metrics that are catalyzing this bullish run.
Heightened Interest and Activities Within the SUI Ecosystem
Joshua Orhue, known on Twitter as @JoshuaOrhue_, recently reported a significant development in the SUI ecosystem, stating, “BREAKING: 24 HOUR DEX TRADING VOLUME IN $SUI IS AT AN ALL TIME HIGH OF $221.3M.”
Read Also: RENDER AI Token Price Could Rally to $20, But There’s a Catch
This surge in trading volume indicates heightened interest and activity among traders, which often correlates with price increases. A high trading volume can signify investor confidence and the potential for further upward movement.
Additionally, King.sol noted another impressive metric. According to him, SUI has clocked 746k daily transactions, surpassing Solana with lower fees and faster speed. This also came with no failed transactions. This points to SUI’s efficiency and reliability, which can attract more users and investors, thus driving the price higher.
In another tweet, King.sol added that a $10 billion market cap for $SUI isn’t far-fetched. He regards the blockchain as the fastest with user-friendly features and the highest daily transactions.
Read Also: Here’s Why Kaspa (KAS) Beats Bitcoin (BTC)
$10 billion Mcap for $SUI isnt far fetched. Fastest blockchain User friendly ecosystem Most daily transactions processed You can’t lose buying Sui at these levels pic.twitter.com/gK4pcyK8IV
— King.sol (@teddi_speaks) October 11, 2024
With SUI currently holding a market cap of $5 billion, the prospect of reaching a $10 billion market cap would represent a significant 2x increase. This optimistic outlook, coupled with the blockchain’s performance metrics, suggests that the momentum could continue, further boosting investor sentiment.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Why Is SUI Price Pumping? appeared first on CaptainAltcoin.
