SUI Hits Fresh Highs Amid Trump’s Election Victory and Volume

• Sui achieves a new all-time high of $2.38 following the election victory of crypto-supportive candidate Donald Trump in the 2024 US presidential race against Kamala Harris.
• The network’s trading volume soared to an impressive $2 billion on Wednesday, while its TVL continues to grow, highlighting an increase in user deposits.

Just like Solana (SOL) and Dogecoin (DOGE) the native token of the Sui Network (SUI) has responded positively to the victory of Donald Trump in the 2024 elections hitting an all-time high of $2.38, surpassing its previous record high of $2.17. The Sui network has been among the top emerging blockchains in 2024. If SUI were to maintain this upward momentum and close above $2.36, it could pave the way for a rise toward the 141.40% Fibonacci extension.

A significant increase in trading volume coincided with SUI’s price surge. The token’s trading volume reached $2 billion on Wednesday, signifying strong market participation and investor confidence. This suggests that the upward price movement is driven by broad market demand rather than just a handful of large trades. In these situations, the buying pressure is more robust, making it less likely that the price movement is merely a short-lived variation.

Traders may want to consider taking profits near the psychological level of $3.00. Furthermore, the Moving Average Convergence Divergence (MACD) indicator reinforced Sui’s bullish trend, showing a crossover signal on Wednesday’s chart, with the MACD line (blue) surpassing the signal line (yellow). The MACD is a momentum indicator that shows the relationship between two moving averages of a security’s price.

Beyond its impressive price action, the SUI ecosystem has witnessed a significant expansion in decentralized applications (dApps), including decentralized exchanges (DEXs), meme coins, and lending protocols. According to CoinGecko, the market capitalization of meme coins within the SUI ecosystem has surged by 170%, reaching $296 million. Notable tokens such as sudeng ($HIPPO), Fud the Pug ($FUD), and AAA Cat ($AAA) have taken the lead on the network, attracting large communities and witnessing significant price surges.

Sui Network Attracts Investments

On November 6, the network announced in its official X account a strategic integration with Google Cloud facilitated by ZettaBlock. As part of the partnership developers will have direct access to Sui blockchain data through Google Cloud’s BigQuery public datasets. This offers developers powerful analytics tools, allowing them to gain deep insights and build innovative dApps.Mysten Labs, the creator of Sui, has further integrated AI into its ecosystem by developing an AI-based code auditing tool.

Sui heads to the cloud! ⛅

Thanks to a @ZettaBlockHQ integration with Google Cloud, you can soon access real-time Sui data from Google Cloud Platform.😲

⚡This integration will give Sui developers a huge boost: backed by live data, AI applications can respond quicker and more… https://t.co/XrzNpEeUHM

— Sui (@SuiNetwork) October 22, 2024

Additionally, Sui unveiled its inaugural global SuiHub in Dubai, created in collaboration with Ghaf Group, a key blockchain partner in the Middle East and North Africa (MENA) region. This hub aims to support Web3 startups by providing local entrepreneurs with access to funding, expert guidance, and community events.

Adding on to its achievements, the SUI ecosystem is strengthened by the integration of Circle’s native USDC, a leading stablecoin, within the SUI network. This integration enhances liquidity, boosts transaction efficiency, and improves the overall user experience in the SUI ecosystem. At press time, SUI was trading at $2.28 after surging by 2.95% in the last 24 hours. The asset’s daily trading volume slightly dropped by 44.19% and is currently standing at $1.10 billion.