SUI has surpassed a total decentralized exchange (DEX) volume of $35 billion and set a new 24-hour trading record of over $466 million. Beyond indicating a surge in trade activity, it reveals the growing adoption and utility of the Sui blockchain.
The journey of the SUI trading volume
Since May 2023, Sui trading volumes have been relatively modest, revolving around its launch and listings on exchanges as traders familiarized themselves with the new blockchain platform.
As they integrated key features and formed new partnerships with various DeFi projects, they experienced increased liquidity and an improved user experience that attracted a larger audience.
By December 2023, SUI’s trading volume had reached approximately $1 billion within a 24-hour period, a substantial increase from earlier months. As of then, the SUI coin price was trading for roughly $0.60 per coin.
However, fast-forward to December 12, 2024, its price has reached an all-time high of approximately $4.90, a significant increase from previous levels, signifying a growing investor interest and optimism about the blockchain’s future, especially due to the integration of the Backpack exchange and wallet.
Its technical indicators also reveal a bullish sentiment, including an RSI of 71.43 showing an upward trend, though it is in overbought territory, suggesting a sell signal.
Furthermore, Sui’s Moving Average Convergence Divergence (MACD) indicates a bullish crossover supporting the upward bullish trend.
Along with its most recent DEX volume milestone, it has seen an increase in Total Value Locked (TVL) from $1.51 billion to $1.87 billion in just a few days, the highest since May 2023 due to increased engagement and enthusiasm within the ecosystem.
SUI’s price prediction
Recently, the price of SUI has been fluctuating, reaching an intraday high of $4.46 and a low of $3.85 in early December.
However, Sui (SUI) shows an optimistic price projection for the rest of 2024 and the start of 2025, indicative of its recent upward trajectory and positive market sentiment.
Since August 31, 2024, SUI has had a significant increase of about 344.34%, trading at $4.70 as of December 12, 2024. Before 2025, predictions show that prices could range between $4.20 and $5.00.
For 2025, the price is expected to fluctuate between $2.22 and $8.75. Maintaining support at $2.22 will be important to keep the positive trend going.
Looking at the longer term, from 2026 to 2030, prices in 2026 might range from $6.50 to $10.00. From 2027 to 2030, prices could vary between $9.00 and $20.00, with a very optimistic peak price of $14.4 by 2030.
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