Sui (SUI) Price, a Layer 1 blockchain token, has seen a significant uptick in market valuation recently. Despite broader market downturns, the SUI price has surged over the past week. This increase positions SUI holders advantageously as optimism in the altcoin sector rises, potentially setting the stage for a robust October rally.
Why is SUI Price Hitting New Peaks?
Following the launch of its mainnet, the Sui Foundation introduced the Sui Bridge. This new feature enhances connectivity between the Ethereum and Sui networks by enabling secure asset transfers. This development is anticipated to draw new users and boost liquidity, further propelling Sui’s growth trajectory.
SUI has reached a six-month peak, rallying by 131% in September alone. The coin is now close to its record high of $2.18, driven by heightened investor confidence. This uptrend highlights the optimistic outlook for Sui’s prospects.
SUI Price Eyes 15% Surge Amid Bullish Momentum
The SUI price has steadily climbed over the past 24 hours, as shown in the chart. At the time of reporting, the SUI price stands at $1.79, marking a 1.84% increase for the day.
The layer one coin has encountered a notable barrier at the $2 level. Market conditions could soon favor an increase towards this mark. A rise to $2.18 would equal its peak from six months ago on March 27, 2024. Such a development could lead to a nearly 15% increase from its current level.
The Moving Average Convergence Divergence (MACD) indicates a potential shift in momentum. The MACD line converges towards the signal line, suggesting that a bearish crossover might be imminent. This is underscored by the histogram moving into the red zone, a sign that bears may be gaining strength.
Sui Price Chart| Source: TradingView
The Sui price has recently marked a notable achievement, with its Total Value Locked (TVL) soaring past $1 billion. This milestone has positioned Sui ahead of Polygon in terms of TVL.
According to defillama, Sui’s TVL stands at $1.07 billion, a robust 65% increase within the last month. This surge in TVL is viewed as a strong indicator of growing trust in Sui’s capabilities and potential.
Sui’s impressive price surge, growing TVL, and increased investor confidence signals strong potential for further gains. However, technical indicators suggest caution, as market conditions could shift. A move past $2 may set the stage for new highs.
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