- SUI has seen a significant price increase of 17.41% in the past week, propelling it into the top 100 cryptocurrencies by market cap.
- Analysts predict a bullish outlook for SUI in Q4, with a potential price target of $3.6.
- Franklin Templeton has publicly endorsed Sui Network as “unequivocally the best Layer 1 blockchain,” boosting investor confidence.
SUI has made a remarkable comeback and emerged as the top performer over the past 7 days. With a price surge of 17.41%, the token has secured its place among the top 100 cryptocurrencies by market cap. At press time, SUI is trading at $0.9403 and boasting a $2.52 billion market cap. This robust price appreciation has prompted market analysts to predict a bullish outlook for the token in Q4.
As per experts, its price could reach as high as $3.6 based on the token’s impressive price stability and growth. This sustained performance underscores the network’s ongoing strength, particularly in the DeFi space, where its decentralized finance ecosystem is gaining momentum.
The platform made waves after it processed an nearly 297,000 transactions per second [TPS] while achieving transaction finality in just 390 milliseconds in Aug. “All this without hitting max throughput and exorbitant gas fees,” an expert wrote.
To put the network’s speed in perspective, the expert analyzed swaps on Solana’s Jupiter and Sui’s KriyaDEX. It was found that the latter scored 0.73 seconds and was 6x faster in this test compared to Solana which took 4.45 seconds. These mind-boggling results contributed to the platform’s dominance in the DeFi realm.
Franklin Templeton Backs Sui as Best Layer 1 Blockchain
The confidence in the blockchain platform was further amplified when global financial giant Franklin Templeton publicly endorsed Sui Network as “unequivocally the best Layer 1 (L1) blockchain.” This powerful endorsement adds considerable weight to the argument that it may very well be the best-performing L1 blockchain currently available, offering a solid infrastructure for developers and projects across the decentralized ecosystem.
As SUI continues to exhibit market resilience, all eyes are on its upcoming performance for the rest of the year. With its DeFi sector booming and high-profile endorsements rolling in, the sentiment around the token remains bullish. The network is steadily positioning itself as a dominant force in the Layer 1 blockchain race, making it a hot contender for investors seeking long-term growth in the crypto space.
