The layer 1 blockchain Sui has garnered substantial investor optimism recently as it led the broader market gains with a price rally of nearly 70% in a week. On-chain metrics have indicated that the crypto’s price rally came against the backdrop of robust stats regarding the TVL, DEX Volume, and stablecoin growth on the network. Mentioned below are some of these key factors that appear to be driving the current price rally.
Sui Price Rallies Over 70% Weekly; A Brief Breakdown
SUI coin’s price is trading at $3.55 as of press time, marking gains worth over 17% intraday. Besides, the weekly price chart for the crypto showcased gains worth 69%. This bullish trajectory comes riding the back of a stockpile of optimistic market statistics.
Lookonchain’s data suggested that the crypto’s TVL, DEX volume, and stablecoin growth primarily contributed to the recent price upswing. Particularly, the network’s TVL increased by 38% over the week while surging nearly 7% in a day to reach $1.641 billion.
On the other hand, the 24-hour DEX volume saw a staggering 177% increase from last week, now resting at the $599 million mark. Meanwhile, stablecoins on Sui also witnessed robust growth over the past two months, zooming past from $482 million to $879 million and marking an 82% increase.
Bottom line? Recent on-chain stats indicated that the DeFi ecosystem is heating up, and market participants are gushing into the network. This chronicle potentially brings more users and locked assets to the ecosystem, thereby raising trading activity and liquidity while also ushering in growth.
It’s also worth keeping in consideration that the phenomenal stablecoin growth within the network further highlighted increased capital inflows. As a result, SUI price rallied nearly 70% over the week, undermining major cryptos in the interim and leveraging market support.
Meanwhile, Bitcoin (BTC) price surged nearly 10% in the past seven days, closing in at $93K. Other major league altcoins like ETH, XRP, and SOL also gained 6%-14% over the week, with their gains comparatively lesser than L1 crypto mentioned above.
Besides, Coinglass data has further underlined burgeoning market interest in the L1 coin. SUI price rose alongside a 24% surge in its futures OI to $1.51 billion. Moreover, the crypto’s derivatives market volume saw a 37% increase to $10.90 billion.
In turn, market watchers are now eagerly eyeing the crypto, anticipating a sustained price rally amid bullish market dynamics. A recent report by CoinGape added that SUI coin could rally to $10, citing bullish price chart formations.
The post Here’s Why SUI Price Rallied Over 70% In A Week appeared first on CoinGape.
