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As a layer-1 blockchain, the Sui network experienced significant developments. In the last 24 hours, the SUI price increased by over 10%, marking an important milestone. On the SUI blockchain, the number of active wallets surpassed 1 million following the market uptrend and increased adoption.
SUI Comments
The blockchain, aiming to stand out with a secure ecosystem architecture, saw increased activity in its price, wallets, and transactions. On-chain data shows that active wallet addresses have reached 1.03 million, indicating a steady increase despite being visibly low, driven forward by crypto bulls this month.
SUI’s network activity may parallel the market’s rising bullish momentum brought by increased sentiment. Consequently, there was an uptrend in decentralized finance (DeFi) and the layer-1 network this month.
SUI Price Outlook
The noticeable price movement in SUI indicates significant price action as other cryptocurrencies lose strength. As of the time of writing, SUI increased by 9% today, reaching a price level of $1.12. This price increase brought a market cap of $2.62 billion. Additionally, there was a noticeable increase in the 24-hour trading volume, which rose by over 60% to exceed $185 million.
The number of people showing interest in SUI on social media is also increasing day by day. This market activity is said to be a significant factor in the price rising to $2.
This occurred after the token reached an all-time high of $2.18 on March 27, 2024, following price increases in the first quarter of 2024. Despite a 48.83% drop from this ATH level, a positive price run may resume following consistent flows provided by bulls in the SUI network over the past six months.
General Market Situation
While all this was happening, attention turned to the BTC price. The BTC price rose by 2.19% at the time of writing, surpassing $68,000 and forming a market cap of $1.34 trillion.
Daily gains in terms of network activity on the price side appeared on major blockchains and service providers. On the Ethereum side, the price increased by 2.18% to $3,129, while the market’s number 5, SOL, once again showed above-market price performance, rising by 5% to $180.
