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Scallop

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<p class="is-style-lead">Sui, a popular layer 1 network, has become one of the best-performing cryptocurrencies since August, soaring to a five-month high.</p> 
<p>Sui (<a rel="" href="https://crypto.news/price/sui/">SUI</a>) token has risen for three consecutive weeks and is up by over 240% from its lowest level in August, giving it a market cap of over $4.17 billion.&nbsp;</p> 
<h2 class="wp-block-heading" id="1-defi-ecosystem-is-growing">1. DeFi ecosystem is growing</h2>  
<p>Sui, often seen as a Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>) rival, has performed well due to its growing popularity among users and developers. Third-party <a href="https://defillama.com/chain/Sui?currency=USD" target="_blank" rel="nofollow">data shows</a> that the total value locked in its decentralized finance ecosystem has jumped to a record high of $860 million, up from $383 million in August.</p> 
<p>Some of the most notable Sui dApps that have seen a jump in assets are Suilend, Scallop Lend, and Cetus, which have accumulated assets worth over $137 million.&nbsp;</p> 
<p>Sui has also attracted stablecoins worth $378 million, a number that will likely rise now that it has activated Circle’s USD Coin.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨 BREAKING: <a href="https://twitter.com/circle?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@Circle</a>’s native <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$USDC</a> is coming soon to Sui 🎉<br><br>Additionally, Cross-Chain Transfer Protocol (<a href="https://twitter.com/hashtag/CCTP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#CCTP</a>) will be launching on Sui, enabling developers to be able to build cross-chain flows from other chains (like <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@Solana</a>, <a href="https://twitter.com/ethereum?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@Ethereum</a>, and more).<br><br>💥This is huge for the Sui… <a rel="nofollow" href="https://t.co/klxqurAt3U" target="_blank">https://t.co/klxqurAt3U</a> <a rel="nofollow" href="https://t.co/iamcolqqfK" target="_blank">pic.twitter.com/iamcolqqfK</a></p>— Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1836047601793405309?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 17, 2024</a>
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<p>Additionally, Sui’s decentralized exchanges are seeing increased activity, mostly due to their low fees. Its volume rose by 50% in the last seven days to $428 million, making it the 9th biggest chain in the industry. It has overtaken some popular blockchains like Tron (<a href="https://crypto.news/price/tron/" target="_blank">TRX</a>) and Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank">AVAX</a>).</p> 
<p>This ecosystem growth has led to more transactions in the network. According to <a href="https://suiscan.xyz/mainnet/analytics/transactions" target="_blank" rel="nofollow">Suiscan</a>, the number of transactions has grown to over 548,000, the highest level since May. Its six-month transactions have risen by 21% to 1.91 billion.</p> 
<h2 class="wp-block-heading" id="2-sui-is-becoming-a-big-player-in-gaming">2. Sui is becoming a big player in gaming</h2> 
<p>Meanwhile, Sui is positioning itself as a major player in the blockchain gaming industry, which is often seen as a key use case for blockchain technology.</p> 
<p>The developers have launched several gaming tools like zkLogin, which helps onboard gamers easily. It also features a kiosk that lets developers set custom trading policies. Other top features include closed-loop tokens and parallel transaction processing.</p> 
<p>Most notably, the developers are taking pre-orders for a <a href="https://crypto.news/suis-mysten-labs-starts-preorders-for-new-gaming-console-report/" target="_blank">gaming console</a> that will have some blockchain features. During the pre-order process, users will create a new wallet that will hold a unique NFT upon delivery of the device.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/playsolana-debuts-first-handheld-console-on-sol/"> PlaySolana debuts first handheld console on SOL </a> </p> 
<p>Further, Sui has seen a surge in futures open interest, which soared to a record high of $453 million on Sept. 20.</p> 
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 <img loading="lazy" decoding="async" width="2699" height="738" src="https://crypto.news/app/uploads/2024/09/Sui-open-interest-2.jpeg" alt="Sui open interest" class="wp-image-14298953">
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  Sui futures open interest | Source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="nofollow">CoinGlass</a>
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</figure> 
<h2 class="wp-block-heading" id="3-sui-has-strong-technicals">3. Sui has strong technicals</h2> 
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 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/Sui-price-2.png" alt="Solana price" class="wp-image-14298954">
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  Solana price chart | Source: <a href="https://www.tradingview.com/symbols/SUIUSD/?exchange=COINBASE" target="_blank" rel="nofollow">TradingView</a>
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<p>Sui has also jumped due to its strong technicals. The comeback started on Aug. 5, with the formation of a small hammer candlestick—a popular reversal sign in price action analysis.</p> 
<p>Sui has crossed the 50-day and 200-day moving averages, which are about to form a golden cross, often a bullish indicator. The Average Directional Index has risen to 30, and the Relative Strength Index has moved to 83.</p> 
<p>These indicators suggest that Sui has a bullish momentum, meaning it may continue rising in the near term. If this happens, the next potential level to watch will be at $2.17, its highest swing in March and 40% above the current level.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/sui-token-forms-bullish-pattern-nears-a-pivotal-price/"> Sui token forms a bullish pattern, nears a pivotal price </a> </p>

3 reasons why Sui price has gone parabolic

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