The Sui network set a new on-chain record by executing transactions exceeding 4.6 billion, which is equivalent to the network processing one transaction for half of the world’s population. Despite achieving this milestone, the coin has crashed below an important support level it has been holding for more than 2 months.
SUI processes more than 4.6 billion transactions
The Sui network hit a major milestone processing more than 4.6 billion transactions, which translates to the network having processed more than half the population’s transfers. With the network approaching the 5 billion target, it could soon be joining the top-tier platforms like Polygon, Aptos, BNB, and Solana.
More transactions on the Sui network generally indicate that blockchain activity and adoption are increasing, as more users and applications interact with the network. This can strengthen the hype around Sui because record transaction activity suggests that demand for the network is growing rather than the activity being driven purely by speculation.
If the increase is supported by rising active addresses, DeFi activity, TVL and stablecoin usage, investors may view it as evidence of stronger fundamentals. However, this does not guarantee a rise in SUI’s price. The token can still face selling pressure if market sentiment is weak or traders focus on technical indicators. Therefore, record network activity alongside a falling SUI price creates a divergence, with the network showing strong fundamentals while the token struggles to attract buying pressure.
SUI loses major support level at $0.670
As shown in the chart above, SUI has lost the support level that it has been resting on for the past two months despite hitting record levels with on-chain transactions. Although the coin slipped below this level, the RSI indicator is making higher lows and higher highs.
This suggests that SUI could be showing early signs of a bullish divergence. While the price has fallen below its two-month support, the RSI is forming higher lows and higher highs, indicating that bearish momentum may be weakening. If this divergence continues, SUI could see a recovery or rebound despite the recent breakdown. However, the price would still need to reclaim the lost support level to confirm a stronger bullish reversal.
