Key Insights:
- SUI’s DEX volume surged to $432.9M, surpassing Arbitrum’s $203.9M, indicating strong network growth.
- Stablecoin inflows into SUI reached $60.1M, pushing total supply to $800M for the first time.
- Analyst suggests SUI targets $4 on breakout, signaling potential price surge once.
SUI price has demonstrated stability while getting near its essential support threshold at $2.00.
Market analysts have observed the support level while monitoring its ability to trigger a bullish trend shift.
SUI’s DEX Volume Surges, Outpacing Arbitrum
Notably, the DEX volume of SUI has recently reached $432.9 Million, and is much higher than the $203.9 Million recorded for Arbitrum.
Such an increase is indicative of growth in the number of users and the level of activity in the network.
Consequently, the increase in the number of transactions implies that the cryptocurrency has received widespread adoption among traders, and the decentralized system is popular among SUI users.
With increasing traffic on the network, the possibility for its sustainable growth increases and gives a basis for further development of the share price.
In addition, the reported DEX activity has risen in parallel with SUI as a Layer 1 contender that is challenging other networks in the DeFi sphere.
The increasing flow of trading is beneficial for the expansion of the network and also emphasize that the market recognizes SUI.
Consequently, this could lead to upward pressure if SUI price can sustain performance and attract more users to its platform.
Stablecoin Inflows Push SUI Total Supply to New Highs
More so, stablecoin activity on SUI has been quite strong recently, with $60.1 Million flowing into the network.
This advancement of stablecoins has taken SUI’s total supply 0.8 billion. Such inflows indicate a demand increase for the native tokens of the network and an increased level of confidence from developers and consumers.
Stablecoins usually act as a stable asset within decentralized platforms, and an influx into SUI can improve price stability.
This change in investors’ profile and redeployment of capital to SUI shows that investors are not only pursuing higher returns but are also seeking to diversify their portfolios within an expanding system.
The influx of stablecoins, surpassing similar figures from networks like Ethereum and Solana, underscores the network’s rising influence in the DeFi space.
Consequently, SUI price may experience a further increase due to strong liquidity if such a trend is maintained.
Analyst Suggests SUI Price is Targeting $4 on Breakout
Crypto analyst ZAYKCrypto is eyeing a potential breakout for SUI price, predicting a target of $4 if the price clears key resistance levels.
The analyst noted that the crypto is trading above the $2.00 support level that has been crucial in recent price fluctuations.
If the price remains above this range, there is a likelihood of a bullish turn, especially if SUI can surpass the $2.40 resistance level.
Once this resistance is broken, the analysts suggested that SUI may quickly rally towards the $4 mark.
The break above key price points may lead to further demand on the token from short-term speculators who look for fast gains.
SUI Price Consolidation Zone and Midterm Breakout Targets
Another analyst, Crypto Candy, pointed out that SUI price was range-bound, oscillating between the support at $2.00 and the resistance at $2.40.
This consolidation phase could be an indication of a much bigger move in either direction.
Moreover, the analyst analyzes breakout potential in SUI, where the midterm targets point to $2.82 and $10. Additional buying pressure may surface if prices reach these vital levels.
At the time of writing, SUI price was trading at $2.23, up 7.09% in 24 hours.
The price was showing bullish momentum, with support at $2.09 and resistance around $2.25, signaling potential continuation.