SUI crypto: Is $4 possible amidst rising Open Interest?

• SUI crypto’s Open Interest was at an all-time high.
• SUI maintained the 1000+ TPS for the third day in a row.

Sui Network [SUI] is rapidly establishing itself as a leading Layer-1 blockchain, offering fast, low-cost transactions and ease of use.

The network’s growing adoption, reflected in the rising Open Interest, indicates that more traders are entering the SUI ecosystem.

Over the last three months, SUI’s Open Interest has surged by more than 700%, far surpassing other popular cryptos. This upward trend is expected to continue, driven by increased market activity.

Source: Hyblock Capital

In terms of price action, it has shown strength, increasing by 3% in the past 24 hours, according to CoinMarketCap, following a 16% gain the previous day.

This rise suggested that SUI was maintaining its momentum and could potentially hit the $4 mark by the end of the year. The price has already reached its ATH zone, but the key question remains whether it can push higher.

SUI broke the upper trendline of a descending channel, confirmed by a retest with three touches at the breakout level.

Source: TradingView

The CMF indicator is also positive, adding further confidence that a rally toward $4 could happen soon.

With historical data suggesting a bullish fourth quarter for the broader crypto market, SUI appears well-positioned for further gains.

SUI crypto TPS at new heights

Sui’s transaction speed is another factor contributing to its growing dominance.

For the third consecutive day, SUI has achieved over 1,000 transactions per second (TPS), surpassing Solana [SOL], which has long held the title of fastest Layer-1 blockchain.

Source: Torero Romero/X

This remarkable achievement underscores SUI’s potential to overtake Solana in key areas.

Its superior speed makes it an attractive option for users seeking faster transactions, and this performance further strengthens the case for SUI reaching the $4 target in the near future.

SUI’s TVL and Volume 

SUI’s overall ecosystem is also experiencing unprecedented growth in key metrics such as Total Value Locked (TVL) and trading volume.

The ecosystem’s expansion has outpaced many other blockchains, positioning SUI as a serious contender in the crypto space.

Memecoins within the SUI ecosystem are gaining significant attention, with the top 20 SUI-based memecoins increasing by at least 250% in the past 24 hours alone.

Source: DefiLlama

Read Sui’s [SUI] Price Prediction 2024–2025

This surge in memecoins is reminiscent of Solana’s meteoric rise in 2021, when SOL gained over 2,500%.

SUI’s performance suggests it could dominate the upcoming bull market, making a $4 price target seem more achievable.