Significant Factors Propelling a 60% Surge in SUI Prices over the Last Week
Let's Talk SUI:
While the wider crypto market's been battered, SUI network's been bucking the trend, skyrocketing over the past week! This altcoin's current market cap stands at a whopping $11th position, with a staggering 70% rally in the past seven days.
What's driving the SUI Madness?
So, why's this little gem performing like a rockstar? Well, according to Lookonchain, the surge in Total Value Locked (TVL) on the SUI blockchain has played a significant role. TVL measures how much coin-lovers like us are stashing away in protocols, and it's clocking in at a hefty $1.645 billion, up a solid 38% over the last week.
Another factor behind SUI's native token's meteoric rise is the surge in decentralized exchanges (DEXes) operating on the chain. This baby's up a whopping 177%, with $599 million in trading volume, compared to last week.
Last but not least, SUI's price growth is propelled by the stablecoin action on the network, which has grown significantly in the past fortnight. Stablecoins are now valued at a cool $879 million, marking an impressive 82% rally over the past couple of months.
With SUI consistently outperforming its historical short-term trends, it looks like it's got Tron in its sights, hoping to snag a coveted spot among the top 10 most capitalized coins.
SUI to ATH?
Earlier this week, SUI's value overpowered Dogecoin and Cardano, as the market witnessed flashes of consolidation. As I write this, SUI's sitting pretty at $3.642, showing a gain of 22.54% in just 24 hours.
Wanna know a fun fact? SUI's one of the few assets that's managed to recoup its losses in the past month! Last month, it surged by a whopping 44%! With SUI's setup, a revisit to its previous all-time high of $5.351 is definitely on the cards.
Why's that? Well, SUI boasts solid endorsements, rock-solid fundamentals, cracking collaborations, and a thriving ecosystem that's poised for growth in the future.
#SUI Network
*Enrichment Data:Joined Forces:- Several strategic collaborations have helped SUI gain momentum, with partnerships ranging from xPortal and xMoney for enabling crypto payments across Europe using a Mastercard virtual card to rumored team-ups with gaming bigwigs like Pokemon.
Fundamentals Galore:- The SUI network's shown a powerful bullish pattern, breaking through a major resistance trendline, although the RSI suggests it might be nearing overbought levels, which could result in temporary market fluctuations.*
- The SUI network's surge in the past week, placing it at a $11th market cap, is attributed to the significant increase in Total Value Locked (TVL) on the SUI blockchain.
- The TVL on the SUI blockchain, which measures the amount of coins stashed in protocols, has seen a 38% rise in the past week, contributing to SUI's performance.
- Decentralized exchanges (DEXes) operating on the SUI chain have witnessed a 177% surge, leading to a solid trading volume of $599 million.
- SUI's price growth is also influenced by the rise in stablecoin action on the network, with stablecoins now valued at $879 million, marking an 82% rally over the past two months.
- SUI is aiming to outperform Tron and secure a spot among the top 10 most capitalized coins, given its consistent performance that surpasses historical short-term trends.
- Earlier this week, SUI overpowered Dogecoin and Cardano, presenting a possibility for it to revisit its previous all-time high of $5.351.
- SUI's setup supports its potential revisit to its ATH, backed by solid endorsements, strong fundamentals, promising collaborations, and a growing ecosystem.
