The Sui network is well bolstered by the institutional investors’ adoption led by VanEck and Grayscale.
Amid the ongoing crypto bullish outlook as Bitcoin BTC $111 638 24h volatility: 1.3% Market cap: $2.23 T Vol. 24h: $65.87 B entered its price discovery phase, Sui SUI $2.57 24h volatility: 2.8% Market cap: $9.33 B Vol. 24h: $982.21 M , a highly competitive layer one (L1) blockchain based on the Move programs language, has registered palpable gains in the recent past. Since the August 5 market crash, Sui price has rallied more than 500 percent to trade above $3.6 on Monday, November 18, during the early New York session.
Having registered the highest weekly close above $3.7, Sui price has confirmed the bulls are in control. Moreover, the large-cap altcoin, with a fully diluted valuation of about $36.5 billion and a daily average traded volume of around $1.4 billion, has been forming higher highs and higher lows in the past two months.
Additionally, Sui price has already entered the much anticipated parabolic phase after consolidating in the past year. From a technical analysis standpoint, SUI’s weekly Relative Strength Index (RSI) has surged above the 75 percent level for the first time since its inception, thus signalling further bullish sentiment.
In the short term basis, Sui bulls could catch a breadth with a mild correction to attract more FOMO traders.
Top Reasons Why Sui the Network Has Grown
The Sui network has grown to a major L1 blockchain, with dozens of multi-chain decentralized financial (DeFi) protocols. According to the latest market data by Defillama, the Sui network has seen a sharp uptick in its total value locked (TVL) to about $1.61 billion at the time of this report.
The Sui ecosystem has also registered a significant increase in stablecoins market cap, which hovered at around $347 million on Monday. The notable rise of Sui’s locked assets has heavily been attributed to a significant increase in active accounts, which reached a new ATH of over 30 million.
$SUI reaches 30 million active accounts 💥 pic.twitter.com/FQLAju2Nbj
— Quinten | 048.eth (@QuintenFrancois) November 18, 2024
The Sui network has in the recent past attracted notable attention from institutional investors. Amid the ongoing crypto cash rotation, as Bitcoin price approaches a major psychological target of about $100k, Sui’s ecosystem has registered a significant cash inflow.
For instance, the VanEck Sui ETN (VSUI) has attracted more than $102 million since its inception on November 7, 2024. The VSUI is 100 percent backed by the SUI token and is tradeable like an ETF on regulated stock exchanges.
The Grayscale Sui Trust has grown to more than $5.7 million in assets under management (AUM) as of this report.
As a multi-chain-enabled blockchain, the Sui network has attracted significant attention from web3 developers in the recent past. Moreover, the Sui network has funded over 80 Web3 projects, with more grants being issued on a competitive basis.
Some of the notable multi-chain DeFi protocols on the Sui network include Cetus AMM, Ondo Finance, and Mole platform, among many others.
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