Sui Network Experiences Record-Breaking Activity as SUI’s Price Takes Off

             The Sui Network shows a remarkable increase in the number of active user accounts whilst the price of SUI also moves up. As at the November 18 time, the token price had already risen to $3.6 after a staggering increase of over 500% since 

August. Closing above $3.7 a week shows that the bulls are strongly in control of the market.

Sui’s Growth is Resorting to Institutional Investments

The recent surge in Sui’s ecosystem is gaining ground because of strong institutional support. This expansion has been partially funded by prominent players such as VanEck and Grayscale. Since its launch on November 7, the VanEck Sui 
ETN (VSUI) has attracted $102 million in net inflows. Meanwhile Grayscale Sui Trust attracted $5.7 million in assets under management. Such investments are 
increasing the adoption and profile of the network.

Having established itself as one of the main players in the layer-one blockchain competition, Sui Network has integrated DeFi protocols into its operations, raising its 
total value locked (TVL) to $1.61 billion. The same time, the network’s market cap in stablecoins has increased to $347 million by the 18th of November. With more 
than 30 million user accounts registered, the increase in user activity is boosting the locked assets increase which is enhancing the growth of the ecosystem.

Sui’s Multi-Chain Appeal Attracts Developers And Protocols

The network’s capability of working with different blockchains has stimulated Web3 development to a great extent. More than 80 projects managed to get funding through competitive grant funding. The likes of Cetus AMM, Ondo Finance and Mole have joined the Sui ecosystem which expands its inflow in the DeFi sector. The trend does not seem to slow down as the number of developers is on the rise. 

Technical Indicators Suggest Sustained Strength For SUI

In terms of the technical analysis, it’s worth mentioning that SUI has averaged a weekly RSI of 75% which is the highest level a coin has performed 
since its inception suggests bullish movement. The making of the higher highs and
the higher lows also confirms the upward trend of the instrument.

But there is always a possibility that a short-term pause or a quick drop may happen and this in fact could be an opportunity for new positions as many traders 
tend to look at the swings that come with momentum. Sui’s multi-chain features and strong infrastructure still appeal to various decentralized applications making it 
one of the prime movers in the blockchain domain.

Sui may very well follow this path as the market approaches the subconscious threshold of 100k for Bitcoin. The network is set for even greater milestones as every new day comes with expanding institutional backing and developer involvement.