CandleFocus Sui’s 85% Surge in Transactions Sets Stage for $2 Breakout
2024-10-07
Author: Content Editor
The Sui (SUI) blockchain has experienced significant growth in daily transaction volume, leading to a 10% increase in its price in the last 24 hours. The surge in transactions can be attributed to the launch of the Circle (USDC) stablecoin on Sui and the growth of meme coins on the network. This increase in activity suggests that Sui could be a competitor to Solana. The Open Interest (OI) for SUI has also risen, indicating increasing market liquidity. Currently, SUI is 12% away from reaching a new all-time high, and if the price remains above the Exponential Moving Average (EMA), it could potentially rise by 20% to reach $2.30. However, the rally may stall if holders start taking profits, causing the price to retrace to $1.66.
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