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Sui Price: Network Surpasses Ethereum in Daily Transactions, What’s Next?
The Sui network has made a significant breakthrough by surpassing Ethereum in daily transactions, with the token experiencing an unexpected surge of 10.52% over the past 24 hours. As the cryptocurrency reaches $3.31, investors are left wondering what this development could mean for the network’s future prospects.
A sharp rebound from its three-month low below $3, SUI has now broken out of a falling wedge pattern. While some might view this as a relief rally, others may be cautious about potential price targets due to mixed technical signals.
As seen in the data, SUI is currently processing more daily transactions than Ethereum, Arbitrum, and Optimism combined. This milestone comes as no surprise, considering the network’s commitment to scalability, low fees, and high transaction throughput.
Not only has the token managed to expand its ecosystem through DeFi and NFT integration, but the substantial increase in active addresses suggests growing user adoption. Additionally, trading volume metrics from major exchanges indicate renewed market interest in SUI.
While some analysts remain bullish on SUI’s prospects, others are more skeptical due to the lack of a clear break above key resistance levels. In this context, it is crucial for investors to keep a close eye on key support and resistance levels at $2.85 and $3.88, respectively.
As the token continues to fluctuate within its range, market participants will need to closely monitor the development of these levels. A sustained hold above the critical level of $2.85 could potentially drive further upward momentum towards the $6.12 level.
However, a more pessimistic sentiment remains if negative commentary persists, as measured by Santiment’s weighted sentiment tracker.
Source: blockonomi.com
