It’s been a busy week for Sui [SUI]. The native token has reacted, and traders are rushing for entry.
SUI crypto crosses 6 billion transactions
Most blockchains like advertising their speed, but SUI came with receipts. The network has now crossed 6 billion total transaction blocks!
The 6 billion has an even bigger number under it, basically.
Then there’s the speed flex. Sui reportedly leads L1 blockchains on transactions per second [TPS].
What this means is that the people who check for shady transactions can check wallets, watch transactions, and follow the funds on the network, just like they already do on networks like Bitcoin and Ethereum.
SUI is back at $1.20!
So how’s the token taking all this good news? Pretty well, mostly.
SUI went from the $1.00 price level on the 25th to nearly $1.29 by the 27th, but it could not keep the level for too long, as sellers dragged it back down to the $1.10 price area.
It has since risen back, and was trading near $1.20 at the time of this writing.
The hourly chart looks decent, with buyers being in control. The MACD has also crossed back above its signal line after a rough couple of days.
The futures side is a little spicier.
Open interest is up at $422 million, and funding rates saw a sharp rise in the last few hours. Traders betting on a rise are now paying a hefty premium to keep those bets open.
A lot of people are leaning long, and if the price stalls, they could get pushed out very quickly.
Final Summary
- Sui crosses 6 billion transaction blocks!
- Token is back at $1.20 with favourable derivatives numbers.
