SUI Crypto Activity Up 43% YTD As Price Targets $8 Milestone

SUI crypto was no exception in the latest drop in the markets. It has reached as low as $3.25. However, on the day, the altcoin price pushed past $3.40 when writing. The daily price change was an insignificant percentage-wise change.

Despite the price struggles, on-chain activity was challenging that of established blockchains like Ethereum (ETH). While these don’t mean an outperformance in capitalization, they are enlightening about the SUI price potential.

Analysis pointed toward a target of $8 after breakout, though timelines were uncertain. Backing this outlook were Nasdaq-listed institutions that were increasingly venturing into crypto. Let’s explore the full details.

SUI Crypto Surges in Network Activity and Performance

The chain activity on the SUI Network has been in an upward trend since its debut in mid-2023. One of the categories that showed this growth was the Perps Volume. It had an uptick of 43% on a year-to-date (YTD) scale.

Additionally, SUI crypto flipped Ethereum, Toncoin (TON), Avalanche (AVAX), and Ripple (XRP) in daily active addresses.

SUI recorded 837K active addresses this week. In contrast, Ethereum trailed behind with 555K. Solana (SOL), TRON (TRX), BNB Chain, and Base were ahead of SUI. SUI was slowly turning into an activity network.

Evaluating the speeds at which these activities were carried out supported the growth. The Transactions Per Second (TPS) was at 1,028 on the day. The peak TPS surpassed 1,500 on September 19th, proving among the fastest chains. This threatened Solana’s position on this front.

Institutions Backing: SUI Group Ups The Ante on Holdings

The financial sector of the blockchain was also well represented. Crypto treasuries are gaining traction on the Nasdaq exchange. According to Coin Bureau, they recently reached a record value of $105 billion in digital assets.

Bitcoin (BTC) and Ethereum led this sector as they pulled many public companies and funds across the globe. SUI crypto was not left behind in this race. SUI Group Holdings Ltd (SUIG) was undertaking a buyback program for its shares.

According to Kyle Chasse, SUIG bought back 276,296 shares under the $50 million buyback program. This was a show of confidence from the Sui Foundation team.

In traditional markets, these buybacks lift the NAV per share, resulting in float compression. This usually attracts investors.

This exposure to traditional investors brought more capital into the cryptocurrency. Thus, more upside movement could be anticipated for SUI in the long term. On that note, we will examine where the SUI price action could head.

SUI Crypto Price Prediction: Is the $8 Target Within Reach?

SUI crypto has been moving sideways on the weekly chart. This range-bound pattern has persisted since the start of the year. The 50 and 20 moving averages (MAs) were flat, affirming this sideways movement.

Still, the SUI price action was above the 50-week MA while it traded near the triangle’s apex. This suggested that the compression was on the verge of a breakout.

The trading volume of the token was low when writing. On the other hand, the MACD showed the momentum of sellers was weakening, hinting at exhaustion. A breakout to the upside could set the altcoin toward $8.

In the meantime, a breakdown would invalidate the bullish prediction, exposing the crypto to bearish sentiment.

Altogether, these metrics indicated SUI was slowly becoming a powerhouse in blockchain. Still, they did not mean outright price appreciation but backed such an undertaking.