The Sui Network made headlines in October by processing an impressive 431 million transactions—surpassing the combined totals of major blockchains like Ethereum, Aptos, and Ton. This milestone underscores Sui’s growing influence in the decentralized ecosystem and raises a critical question: Could this momentum propel SUI to new all-time highs in the coming week?
While network activity soars, the SUI token price has cooled slightly, dropping 2% on the day and trading at $1.85—down 21.57% from its recent peak of $2.36. Despite this pullback, underlying on-chain metrics suggest that the dip may be temporary, potentially setting the stage for a powerful rebound.
Sui Network Dominates October Transaction Volume
Data from Artemis reveals that Sui Network processed 431 million transactions in October alone. This figure exceeds the monthly average of 319 million transactions across Ethereum, Aptos, and Ton combined. Such dominance highlights Sui’s superior scalability and growing adoption among developers and users.
Sui’s high-throughput architecture enables fast, low-cost transactions—making it an attractive platform for decentralized applications (dApps), gaming protocols, and DeFi projects. As more developers build on Sui, the network effect strengthens, increasing demand for the native SUI token.
Increased usage doesn’t just reflect popularity—it translates into real economic activity. More dApps mean more token utility, from staking and governance to gas fees and liquidity provision. This expanding utility enhances scarcity and supports long-term value accrual for SUI holders.
On-Chain Data Shows Strong Investor Interest
Despite short-term price volatility, investor sentiment remains robust. According to Artemis, Sui attracted $24.3 million in net inflows during October—the highest among emerging Layer 1 blockchains and comparable to combined inflows seen on Solana and Ethereum.
Net inflows represent capital flowing into exchange-traded products, staking platforms, and smart contracts tied to the protocol. A surge in inflows typically signals accumulation by informed investors who anticipate future price appreciation.
Additionally, SUI is currently testing a key support level at $1.70. If this floor holds, it could serve as a springboard for a bullish reversal. Historically, strong support levels act as psychological barriers where selling pressure dries up and buying interest intensifies.
Technical indicators further support this outlook:
- The 20-day simple moving average (SMA) sits at $1.96, acting as immediate resistance.
- A break above this level would confirm bullish momentum.
- The Relative Strength Index (RSI) is at 45.98—neutral to slightly bearish—but not yet in oversold territory, leaving room for upward movement.
- Price is nearing the lower Bollinger Band, often a signal of potential mean reversion.
If bullish momentum accelerates, analysts project a 75% upside, potentially pushing SUI toward $3.00—a new all-time high.
Short Covering Could Fuel Rapid Price Surge
One of the most compelling catalysts for a sharp rally lies in Sui’s derivatives market structure. Coinglass data shows a significant concentration of short positions between $1.85 and $2.00.
When prices rise, leveraged short positions face liquidation—forcing traders to buy back tokens at higher prices, which further drives up demand. This self-reinforcing cycle is known as a short squeeze.
Currently:
- The cumulative long liquidation leverage (red line) is declining, indicating fewer open long positions at lower prices—reducing risk of cascading long liquidations.
- Conversely, the cumulative short liquidation leverage (green line) increases with price, showing rising exposure among short sellers.
This asymmetry creates a favorable environment for a volatility spike. Should positive news or broader market recovery push SUI above $2.00, it could trigger mass short covering—amplifying gains and accelerating momentum toward $2.50 or beyond.
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Key Factors That Could Influence SUI’s Next Move
Several macro and micro factors will influence whether SUI breaks out in the near term:
1. Upcoming Mainnet Upgrades
Sui’s development team continues rolling out performance enhancements, including zk-login features and improved cross-chain interoperability. These upgrades enhance security and user experience—key drivers of long-term adoption.
2. Broader Crypto Market Trends
With Bitcoin hovering near $65,000 and Ethereum preparing for potential ETF approvals, overall market sentiment plays a crucial role. A bullish shift in major assets often lifts investor confidence in high-beta altcoins like SUI.
3. Institutional and Retail Participation
Growing inflows suggest both retail and institutional interest are rising. Platforms listing SUI futures or offering yield-generating products could further boost visibility and liquidity.
4. Regulatory Clarity
As global regulators clarify frameworks for digital assets, compliant ecosystems like Sui stand to benefit. Clear rules reduce uncertainty and encourage enterprise adoption.
Frequently Asked Questions (FAQ)
Q: What caused the recent drop in SUI price?
A: The 2% decline aligns with broader crypto market corrections ahead of major events like U.S. elections. It reflects short-term profit-taking rather than weakening fundamentals.
Q: Is SUI a good long-term investment?
A: Based on network growth, developer activity, and transaction volume, SUI shows strong potential. Its scalable architecture positions it well for sustained adoption in DeFi, gaming, and social apps.
Q: What price could SUI reach if it breaks resistance?
A: A breakout above $1.96 could lead to a rally toward $2.36 (previous high), with extended targets near $3.00 if momentum and short covering align.
Q: How does Sui compare to other Layer 1 blockchains?
A: Sui stands out with sub-second finality, object-centric data model, and low fees—offering superior performance compared to older chains like Ethereum or Solana under heavy load.
Q: Where can I track real-time SUI price and on-chain data?
A: Use trusted platforms like CoinMarketCap, Artemis, and TradingView for live charts and analytics.
Q: Could macroeconomic factors affect SUI’s price?
A: Yes. Interest rate decisions, inflation data, and crypto regulations can influence investor risk appetite—impacting volatile assets like SUI more than stablecoins or traditional equities.
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Final Outlook: Accumulation Phase Before the Next Leg Up?
While short-term price action shows consolidation, on-chain fundamentals tell a different story. Record transaction volume, strong net inflows, declining long leverage, and concentrated shorts paint a picture of accumulation beneath the surface.
If the $1.70 support holds and broader markets stabilize post-elections, SUI is well-positioned for a breakout. The path to $3.00 may not be linear—but with growing utility and speculative fuel in derivatives markets, new all-time highs are increasingly plausible.
For investors watching closely, this consolidation phase might represent a strategic entry point before the next upward leg begins.
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