SUI Surpasses TON in Stablecoin Transfers, User Adoption Soars 925%

SUI, the native cryptocurrency of the Sui network, has surpassed TON in stablecoin transfers, marking a significant milestone in the cryptocurrency market. This development comes as SUI's native accounts have skyrocketed from 4 million to 41 million, indicating a surge in user adoption and network activity. With support at $2.23, traders are eyeing a potential rebound as buying interest rises. This shift in stablecoin transfers suggests that SUI is gaining traction as a preferred platform for stablecoin transactions, which could signal a broader market rebound.

The increase in native accounts on the Sui network from 4 million to 41 million is a clear indicator of growing user engagement and confidence in the platform. This surge in user adoption is likely driven by the network's efficiency, scalability, and the potential for high transaction throughput, which are critical factors for stablecoin transfers. As more users and developers flock to the Sui network, the demand for SUI tokens is expected to rise, potentially driving up its value.

Currently, the stablecoin transfer volume on SUI has surpassed TON, reaching approximately $73 billion, while TON remains at $49 billion. Such a significant difference implies that users prefer SUI and are likely to continue using the chain, which could impact a rally. To confirm active participation, the daily active addresses on SUI and TON were compared. At the time, there was a considerable difference in active addresses, with SUI reaching 1.8 million, while TON remained lower at 600,000—nearly a threefold gap. Historically, active participation, particularly with such high-volume transfers, confirms that bulls are in the market, and SUI could benefit from its network’s usage.

On the 4-hour chart, SUI shows potential for a major rebound as it approaches a key support level at $2.23, marked by the Fibonacci retracement line. This level has been a point of interest for traders; the initial two times the asset traded into this level, it saw a major price rebound. With the current market momentum, if SUI trades into this support zone again, it could see a major rally, with the first target at $2.50 and a continued move up if momentum sustains.

In the derivatives market, traders have begun placing bets. At the time of writing, the Funding Rate and Open Interest have turned low-positive, suggesting gradual buying. The Funding Rate, which tracks which market cohort—buyers or sellers—is in control, shows that buyers have the edge, as it reads 0.0007. Low-positive in this context suggests that buying activity has just begun but remains minimal. Similarly, Open Interest has shown a similar movement. It has grown in the past 24 hours by 2.02%, reaching $618.07 million. When there’s a gradual rise like this, along with a positive Funding Rate, it implies there are more long contracts than shorts in the market, and SUI could tilt in buyers’ favor, rising higher.

The support level at $2.23 for SUI is a crucial technical indicator that traders are closely monitoring. If the price can hold above this level, it could signal a bullish trend and attract more buyers, leading to a potential rebound. The rising buying interest in SUI is also a positive sign, as it indicates that investors are optimistic about the network's future prospects and are willing to invest in its native token.

The shift in stablecoin transfers from TON to SUI is a significant development in the cryptocurrency market. Stablecoins are a critical component of the crypto ecosystem, providing a stable store of value and a medium of exchange for traders and investors. As SUI gains more traction in stablecoin transfers, it could attract more users and developers to the network, further enhancing its ecosystem and driving up the value of its native token.

In conclusion, the surge in native accounts on the Sui network and the shift in stablecoin transfers from TON to SUI are positive developments that could signal a broader market rebound. As more users and developers adopt the Sui network, the demand for SUI tokens is expected to rise, potentially driving up its value. Traders and investors should closely monitor the support level at $2.23 and the rising buying interest in SUI, as these factors could indicate a bullish trend and a potential rebound in the cryptocurrency market.