SUI Price Set to Surge Higher in November Despite Market Volatility
As November begins, SUI price momentum remains strong, even with a slight pullback following the crypto market’s recent turbulence. The decline came after the U.S. stock market crash on October 31, which triggered a broader market dip. The global crypto market cap has shrunk by 5.3%, and Bitcoin is currently trading below the $70,000 threshold. Despite these bearish signals, analysts maintain an optimistic outlook for SUI, which saw a staggering 400% gain from August 5 to October 31.
Why SUI is Positioned for a November Rally
Currently trading at $1.93, SUI has dropped by 6.8% in the last 24 hours. This still places it about 35% below its all-time high of $2.34—an achievable target that could set the stage for a new price discovery phase. Strong on-chain metrics indicate that SUI may extend its rally throughout November. Below are three key reasons why SUI appears primed for continued growth this month.
1. SUI Network Aggregators Surpass $5 Billion in Volume
In October, trading volume on Sui’s decentralized finance (DeFi) platforms hit a record $5 billion. This surge, led by platforms like Cetus, Hop Protocol, Scallop, and 7K, reflects heightened market interest and activity. A spike in trading volume can lead to increased price volatility as new users engage with the ecosystem.
Moreover, the SUI token’s cumulative monthly trading volume reached an impressive $150 billion in October. Such high trading volumes are often indicative of strong momentum, signaling the potential for explosive price growth. With DeFi on the Sui network possibly reaching new highs in November, SUI’s price may follow suit.
2. Rising Volume Paired with Lower Transaction Fees
One of the most compelling indicators for SUI’s potential in November is the combination of rising transaction volume and declining fees. In October, average daily transaction fees dropped significantly, while overall activity on the network increased. At an average fee of just $0.00331 per transaction (among the lowest across major blockchains) Sui’s network is becoming more efficient and scalable.
This trend of lower fees could attract more users and developers, fostering increased adoption and activity. Such growth has the potential to drive the token’s value higher as the ecosystem expands.
3. Active Accounts on Sui Hit 25 Million
The Sui network has seen a dramatic increase in active accounts, surging from under 2 million in July to over 25 million. This exponential growth has translated into a positive price trend and could continue to push SUI higher throughout November.
Further, data from Artemis Analytics on October 27 revealed that Sui experienced substantial capital inflows from Ethereum. Investors appear to be diversifying into Sui, seeking better opportunities. The network recorded the highest net inflows during that week, outperforming major blockchains like Ethereum, Solana, and Arbitrum. With more than $20 million in net inflows, Sui led the pack, doubling Ethereum’s $10 million.
How High Can SUI Climb in November?
Analysts suggest that SUI could skyrocket as high as $48 in the coming weeks. In addition to robust on-chain metrics, the upcoming U.S. elections present a potential catalyst. The network has already launched PolitiFi meme coins aligned with both political parties, poised to capitalize on post-election volatility.
Meme coins have been instrumental in Solana’s success this year, and Sui could see similar growth in the aftermath of the election. Key price levels to watch include the $2.34 resistance; breaking through this could propel the price to $10, $21, and potentially $48. However, if SUI fails to maintain its upward trajectory, the price could retrace to as low as $0.60.
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