The Sui network, a layer 1 blockchain, has recorded a new milestone that has caused the price of SUI to increase by 10% in the last 24 hours. The number of active blockchain wallets has surpassed 1 million as a result of the bullish market movement and wider adoption. Blockchain, which boasts its architecture for a secure digital asset ecosystem, has seen an increase in activity reflected in price, wallets and transactions. On-chain data shows that the number of active wallets has reached 1.03 million.
SUI network activity may be associated with increased bullish activity in the market caused by rising sentiment. As a result, decentralized finance (DeFi) and Layer 1 activities have surged this month. At the time of writing, SUI is trading at $1.12. This resulted in a market capitalization of $2.63 billion with daily volumes exceeding $165 million. The price of SUI was seriously influenced by an increase in trading volumes of 43.4%, which means a huge increase in the asset.
Crypto enthusiasts on social media are predicting a resumption of market activity, targeting $2. This comes after the token hit an all-time high of $2.18 on March 27 due to increased flows in the first quarter of 2024. Despite being down 48.83% from the all-time high, bulls on the SUI network are showing positive momentum after steady flows over the past six months.
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