SUI Eyes $10 Mark as On-Chain Data and Volume Drive Strong Momentum

Key Insights:

• SUI’s daily DEX volume hits $1.43B, boosting momentum toward $10.
• The total value locked in SUI’s ecosystem reaches $2.60 billion, signaling growing engagement.
• Sui partners with Nansen for enhanced data insights, supporting informed market decisions.

The SUI cryptocurrency has experienced a notable surge in activity, with on-chain data and robust trading volumes propelling it toward the $10 mark. Market indicators indicate growing interest and confidence in the token, with key metrics supporting this trend.

Strong On-Chain Activity and Trading Volume

The Sui on-chain performance has shown positive signals. The daily volume on decentralized exchanges (DEXs) has surged to $1.43 billion. The token’s perpetual futures (perps) volume has reached $160 million in the past 24 hours. These figures suggest robust trading activity and growing interest in the project.

The total value locked (TVL) in Sui’s ecosystem is also growing, currently standing at $2.60 billion, reflecting increasing engagement with decentralized applications (dApps) and liquidity pools. 

Another encouraging factor for Sui’s price is the growing total swap volume, which has reached an impressive $16.25 billion. The stablecoin market capitalization has surpassed $921 million, outperforming several competitors, including TON, MNT, and OP. From the point of view of Cipher X, On-chain signals are backing the SUI run.

Volume and Momentum Push the Market Forward

However, as of the time of writing, $SUI is trading at $3.46, down by 3.63% in the last 24 hours. However, analysts are watching key price zones for a potential breakout. According to Cipher X, if $SUI breaks through the $4.10 to $5.30 range, the next target could be the $7 Fib extension. 

James Easton also pointed to the chart’s positive technical outlook. He stated, “The $SUI chart is a work of art,” suggesting that its potential to rise swiftly could result in reaching $10 with incredible haste.

The surge in trading volume continues to impact SUI’s price action significantly. With a 24-hour trading volume exceeding $1.18 billion, the market’s interest remains high. This increased activity is a sign that there may be a sustained push towards higher price levels, possibly testing the $10 target in the near future. 

Partnership with Nansen Enhances Data Access

The partnership between Sui Network and Nansen is expected to further boost the coin’s performance by providing enhanced on-chain intelligence. With Nansen’s data analytics capabilities, users on the SUI network can now access real-time market insights.

This integration aims to provide developers, investors, and application users with the critical data they need to make informed decisions. Nansen’s platform enables the tracing of fund flows, detection of trends, and identification of influential wallets, such as those belonging to top investors or potential risk factors.