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Key Insights:
- SUI flipped BNB in daily trading token volume as the cumulative figure surpassed $600 billion.
- SUI recorded substantial growth of about 751K in “new accounts” over the past 7 days, a rising adoption rate.
- SUI has been perfectly respecting the ascending channel for the past 2 weeks. Also, it has finally broken out above a key level, but what are the analysts saying?
Sui Network (SUI) is among the leading L1 blockchains that are seeing accelerating adoption across all fronts. SUI crypto was placed 14th among top cryptos by market cap when writing. However, it was outdoing its peers in some key metrics.
Despite BNB having 10 times SUI’s market cap, it was among the chains that trailed behind this nickname, “Solana Killer”. Consistent user base growth and exhaustive listing were key to these high volumes. Apart from volume, price also reflected a similar bullish outlook.
SUI Crypto Overtakes BNB In Token Volume As Adoption Shoots Up
Token trading volume is a key metric when analyzing a crypto project. According to Torero Romero’s analysis on X (formerly Twitter), SUI crypto outpaced BNB on this metric daily. On the 6th of September, SUI led with $1.114 Billion against BNB’s $987.4 Million.
SUI performance is reflected in the cumulative Token Trading Volume, which has reached a new peak. Marc Shawn Brown reported that SUI exceeded the $600 billion mark. It’s a massive milestone for a token launched two years ago.
In the meantime, adoption of blockchain has grown similarly. With this, New Accounts are surging by 206.94% in the first week of September, per a post by Sui Community on X. The community noted that the substantial growth was a positive signal for a rally dubbed ‘SUItember’.
The community could drive price, as popular analysts have sided with this view. Adding more context, the crypto community anticipated the Fed’s rate cuts soon. This pulled more capital into the market, and SUI’s metrics positioned it to take advantage.
Analysts Say “It’s Still Early on SUI”
A couple of analysts expressed their views, particularly on Crypto Twitter (CT), now X. An enthusiastic crypto investor, Batman, argued that it was still early to jump on SUI crypto.
In the analysis, Batman indicated SUI’s breakout above the accumulation pattern on the daily price chart. It was similar to that of early June.
Batman’s closing remarks were, “With altcoins catching most of the bids lately, I wouldn’t be surprised to see SUI form a new high soon.”
Similarly, Wise Crypto was on the lookout as the SUI price broke above their marked levels. The insights and analysis page also seconded Batman’s prediction. However, they noted that the price must clearly breach the $3.80 to $3.90 supply zone.
This would open the door for momentum to go parabolic, especially if it coincided with rate cuts. Despite these bullish predictions, there were voices of bearish calls.
This was due to altcoin flow of cryptos like Polygon (POL), Ethereum Name Service (ENS), and SUI. It hinted at incoming sell pressure. In other words, the magnitude of the sold tokens could invalidate these predictions.
SUI Crypto Price Clears Stumbling Block: What’s Next?
On the 4-hour chart, SUI crypto was moving inside a rising channel. With this, every bounce from the lows of the channel produces a subsequent higher price.
The breach of $3.50 was more critical despite the break back below the level. This was an early signal of bullish strength.
The MACD was bullish when writing, suggesting buyers drove the price despite the instant seller reaction. This showed that bulls were not fazed as the last five touches of support spoke much about their direction.
A breakdown below the channel would invalidate the bullishness. Still, SUI remained a long-term trade.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
