Sui [SUI], dubbed a ‘Solana Killer’ in late 2024 and early 2025, has yet to live up to the title. However, in the past 24 hours, SUI had risen by more than 11% at press time, indicating renewed momentum across the network.
Why are cryptos on the SUI network gaining?
But what was driving this network-wide strength?
Fundamentals and chain activity both contributed to increased speculative trading. For instance, CME Group announced they would be adding SUI and Avalanche [AVAX] to their daily crypto derivatives suite.
Notably, on the activity front, the number of daily transactions increased from 7.52 million to 12.3 million in two days, while total transactions reached 14.17 billion.
Source: VisionMoreover, development activity from month-over-month data also drove the strength of the chain.
Can Sui Network sustain the momentum?
SUI bounced off a support level within a sideways consolidation that began in the first week of March. SUI’s price is trading toward the top of the range at $1 from around the $0.84 zone. However, it’s facing resistance at $0.96, which could be a hurdle going up.
Source: SUI/USDT on TradingViewOther metrics indicated that there was bullish momentum, as the Stochastic Momentum Index (SMI) was in the overbought territory as of writing. Furthermore, capital was flowing into the SUI ecosystem as Chaikin Money Flow (CMF) rose above the neutral line and was near 0.03.
While the altcoin still trades in a bear market structure on the daily chart, continued growth in network activity and capital inflow could sustain this short-term bullish momentum. Otherwise, the altcoin could revert to bearish control.
Final Summary
- Sui Network rallies amid an upcoming listing in CME Group, capital inflow, and growth in chain activity.
- SUI eyes to reclaim $1 as DEEP breaks out of the rising trend channel, indicating a broader network rebound.
Source: https://ambcrypto.com/sui-targets-1-after-11-rally-can-12-3m-transactions-sustain-growth/
