In October, Sui Network processed 431 million transactions, more than the combined totals of major blockchains. However, the SUI price has cooled down by 2% on the day. Is the retrace an accumulation to push the price higher?
SUI Network Reigns October in Transactions Count
According to data from Artemis, Sui Network recorded 431 million transactions in October, which puts Sui ahead of some of the industry’s biggest names, including Ethereum, Aptos, and Ton; their total averaged 319 million.
Sui’s robust transaction handling capacity and network adoption are both demonstrated by this achievement. Its high transaction volume shows it is gaining increasing utility and appeal, which perfectly positions Sui to grow larger.
With more developers and users using the platform, the token ecosystem grows and more decentralized applications (dApps) and services are joining the platform. Apart from increased scarcity and fraction inventory, this growth increases the network’s utility and demand for the SUI token.
Sui Price Analysis: Net Inflows Boom, is a Rebound Incoming?
According to CoinMarketCap data, Sui broke to new all-time highs three weeks ago, hitting $2.36. Currently, the token is trading for $1.85, down 21.57% from all-time highs. The 2% drop today is consistent with a wider sell-off of the overall crypto market as we get closer to the US elections.
However, the recent inflows into the Sui protocol bring up a rebound sentiment. As per Artemis data, Sui received $24.3 million in net inflows in October, a combined total of Solana and Ethereum. The token has seen a higher interest surge, associated with volatility.
We can see the Sui token testing the critical $1.7 support level, and if it holds, this level could create long-term bullishness. Sui could experience a 75% rise, pushing it to $3, a new all-time high. The price is near the lower Bollinger Band, and that could be the point where we may see the price shoot up.
The 20-day simple moving average is at the $1.96 immediate resistance level. If bulls can break above this SMA, it will confirm bulls are in control, and if the $1.7 support fails, it will mean bears are in complete control. The Relative Strength Index is at 45.98, a neutral to bearish sentiment.
Bullish Breakout in SUI Could Spark Short Covering Rally
Cumulative long liquidation leverage, which falls as the price goes down, is shown by the red line its an indication that fewer long positions remain open in lower price environments. And this reduces the risk of cascading long liquidations if the price goes down further.
Alternatively, the green line shows cumulative short liquidation leverage and increases as the price goes up. It also reveals that Sui’s price rise creates a concentration of short positions that are susceptible to liquidation.
A large number of short positions are clustered in the $1.85 to $2.00 range, suggesting that if the market were to break out to the upside on a bullish basis, there would be a lot of short covering and hence a lot of speed in the upward momentum.
