Sui Network, a Layer-1 blockchain, recently reached important milestones, showing its growing impact on its outlook. The network’s native token, SUI, increased its price by 90% from its All-Time Low (ATL) in November.
SUI Price and Key On-Chain Milestones
SUI’s recent trading price of $3.75 marks a sustained uptrend over previous gains accrued in the past week. SUI’s current market cap has topped the $10 billion benchmark. As of this writing, the price has recorded a new ATH of $3.927.
Intriguingly, the Sui network has seen a significant rise in transaction volume, indicating more individual usage. This increase comes from the growing use of its native DApps in its NFT ecosystem.
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SUI’s transaction volume has reached $1.67 billion, up from a daily average of $395 million last month. Likewise, the number of active wallets on the protocol has grown.
This shows more users are getting involved in its ecosystem through transactions, staking, or dApps. Many developers are also drawn to the Sui ecosystem because it offers high speed.
SUI’s rise is due to several factors. First, the network has consistently breached key milestones, boosting investor confidence. Many see Sui as a new-generation blockchain project with potential for long-term growth. The overall recovery in the broader crypto market has helped altcoins like SUI retain their bullish projection.
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According to renowned analyst Cryptojack, SUI might explode to new levels that the assets have not attained. CryptoJack’s insight suggests that SUI’s fundamentals are strong enough to fuel an upward growth trajectory.
Although market volatility has seen it drop a few cents from its ATH, the coin remains resilient. With this recent ATH boost, SUI now ranks as one of the high-performing protocols in the market.
SUI Network TVL and Potential Price Target
Meanwhile, SUI’s technical indicators show that its price might still have a bullish momentum ahead. The coin might become unstoppable if it breaches the $4 resistance level.
Furthermore, the SUI blockchain has registered an impressive milestone in its Total Value Locked (TVL). This metric surpassed $1.38 billion amid investors’ confidence in the asset and willingness to stake.
This confidence highlights trust in SUI’s security, utility, and potential returns. Analysts have predicted that if SUI sustains its current momentum, it could touch the $4 high.
Some see SUI testing the $5 and $6 levels if the bullish wind sweeping the cryptocurrency ecosystem persists. They noted that this, with the positive sentiment among SUI holders, might drive the price to new levels.
Name Service Token Launch and Its Impact on the Sui Ecosystem
Sui ecosystem development is another possible indicator that could positively impact the price. On Thursday, November 14, Sui Name Service (SuiNS) launched the NS token, signaling a new era in the SUI network.
With the launch, SuiNS shifted to a decentralized model and gave more power to the community. This implies that the community participates in decision-making and dictates the project’s future direction.
To herald the launch of NS tokens, all 183,369 holders of SuiNS airdrop received tokens, which can be claimed via a designated website. The website went live on Token Generation Day, the same day the NS token went live.
SuiNS hinted that the community has reached a milestone where members can participate in shaping the project’s future.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
