The Layer-1 blockchain Sui is showing positive signs based on developer activity, price charts, and trading volumes. This suggests potential growth in the coin’s price, possibly reaching the $5.48 mark, as noted by an experienced crypto trader.
Currently, the SUI price is $3.03 on major exchanges, representing a nearly 5% increase over the last 24 hours and a rise of over 11% this week. This rise occurs alongside a generally positive trend for Bitcoin and most altcoins.
Developer Adoption Surges While Other Chains Bleed
According to new data from Electric Capital, most crypto ecosystems are witnessing a decline in full-time developer activity. But Sui, along with Solana, is moving in the opposite direction.
Sui recorded a 16.1% year-over-year (YoY) increase in full-time contributors and a 54% growth over the past two years, the highest among all Layer-1 chains tracked. With over 325 full-time developers and more than 1,300 total devs, Sui now ranks in the top five most actively developed blockchains.
This growth is no accident. Unlike most EVM chains, Sui has been building on its unique architecture centered on the Move programming language, assets, and objects.
The Sui Foundation notes that its dev tooling is improving fast, incentives are aligned, and its ecosystem is attracting a community of builders with high energy and momentum.
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SUI Price Action: $2.78 Support Holds, $3.50 Resistance in Sight
On the daily chart, the SUI price has rebounded from a local bottom of $2.7854 and is now pushing above the psychological $3.00 level.
Technical indicators on TradingView display a strong buy signal, with 9 Buy indicators, 6 Neutral Indicators, and only 1 Sell Indicator for the 1-day timeframe.
Momentum indicators, such as the MACD and Bull/Bear Power, are flipping bullish, and the Williams Percent Range has exited oversold territory. Short-term price targets indicate a pivot resistance (R1) around $3.55, while the blue diamond target from trader Sun Liao is set at $5.4861, contingent upon breaking the magenta resistance trendline.
On-chain metrics support the bullish narrative. DeFiLlama data shows that Sui’s DEX volume hit $307M in 24 hours, while TVL rose 8.05% to over $2.3B, indicating fresh capital inflows.
Similarly, Sui had 869,800 daily active addresses and 4.5 million transactions in the last 24 hours, according to Artemis data. This increase comes after weeks of declining activity, indicating that user engagement is starting to improve.
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