SUI Price Skyrockets to New Record High

The SUI price has surged by 60% in 7 days, resulting in a $8.7B market capitalization, Scallop (SCA) experienced an 87% surge with a 25.3% increase in TVL.

The market capitalization of SUI is approaching $8.7 billion, and the price has increased by 32.4% in the past 24 hours and 60% in the past week. This has resulted in SUI being ranked 15th among the most valuable cryptocurrencies in the world today. Conversely, Scallop (SCA), the lending protocol of the Sui ecosystem, has also been experiencing growth. In the past week, SCA has experienced an 87% increase in value and a 25.3% increase in its total value locked (TVL). This suggests that there is an increasing interest in the Sui network and the other assets that are associated with it.

The price of SUI has increased by 60% in a week, reaching a new market capitalization high of $8.7B

The price of SUI has increased by 32.4% in the past 24 hours and by more than 60% over 7 days, as indicated by the most recent data. This remarkable expansion has also resulted in SUI’s highest market capitalization, approximately $8.7 billion. This has solidified SUI’s position in the market and elevated the asset to the 15th position regarding market capitalization among digital assets.

The surge in trading volume is concurrent with an increase in the price of SUI, which suggests a rise in investor interest. The trading volume of SUI has increased by more than 250% in the past 24 hours, which indicates a bullish outlook and heightened market activity. Analysts attribute this price increase to a favorable market environment and robust on-chain metrics.

In addition to the bullish sentiments, the MACD analysis on the daily chart suggests a robust upward trend for SUI. The MACD line has surpassed the signal line, with a current reading of 0.0211 against -0.0027, indicating positive momentum. This bullish outlook is also substantiated by the histogram, which has previously displayed green bars rising in height. The increasing distance between the MACD and the signal line suggests that the buying pressure is intensifying and that the upward trend will persist.

Additionally, the Bull Bear Power (BBP) analysis further supports the bullish trend, which indicates a positive value of approximately 1.2590. This favorable reading implies that bulls currently control the market, as the buying strength exceeds the selling pressure.

The scallop (SCA) enjoys an 83% increase as the Sui Ecosystem expands

In addition to SUI, the lending protocol within the Sui ecosystem, denoted by the ticker SCA, has also experienced significant growth. The token price of Scallop (SCA) has increased by 83% in the past week, suggesting a growing demand for financial solutions based on Sui. Scallop, a lending protocol, is a critical component of the Sui ecosystem, as it offers services such as lending and borrowing that enhance the value of the Sui network.

The Sui ecosystem’s capacity to expand beyond the SUI token has been demonstrated by the widespread adoption of Scallop (SCA) as users pursue additional financial services within the network.

In addition to the price appreciation, Scallop (SCA) has remarkably improved the total value locked (TVL), which has increased by 25.30% in the past week. This rise in TVL indicates users’ increasing engagement with the Scallop protocol. TVL growth is one of the constituent parameters that characterizes the overall demand in conjunction with the liquidity of the protocol.

What is the next step? Analysts anticipate that SUI will reach a price of $10

Market analysts are optimistic about the future trajectory of SUI prices, projecting a potential target of $10 if current trends persist following the recent rally. Robust on-chain metrics fuel this optimistic outlook, such as active user engagement and high trading volume. Furthermore, the popularity of meme coins within the ecosystem and post-election market dynamics are additional factors contributing to price appreciation.

SUI’s November price prediction may continue to capitalize on favorable market conditions and elevated interest rates. If these factors align, SUI may experience another substantial increase, bringing it closer to the anticipated $10 price.