Sui (SUI) Poised for October Breakout—All-Time High Within Reach?
The post Sui (SUI) Poised for October Breakout—All-Time High Within Reach? appeared on BitcoinEthereumNews.com.
Sui’s 65% TVL surge and strong utility position it for a breakout, with a potential all-time high of $2.18 within reach. Rising liquidity, daily active addresses, and open interest signal strong bullish momentum for SUI, but watch for key resistance levels. As the cryptocurrency market braces for a potential rally in October, SUI holders are well-positioned to benefit from growing optimism surrounding altcoins. The recent surge in Sui Network’s Total Value Locked (TVL) has become one of the most notable achievements for the Layer-1 network in recent weeks. Following Sui breaking $1B in TVL, surpassing Polygon, as CNF previously reported, Sui’s TVL has reached $1.07 billion, representing a 65% increase in just 30 days, marking a significant milestone for the network. This rapid rise in TVL is considered a positive indicator for the SUI coin, signaling increased confidence in the platform’s utility. As more capital flows into Sui’s decentralized finance (DeFi) ecosystem, it creates upward pressure on the SUI coin’s price, according to Sui daily active address data published by Artemis. Source: Armis Terminal Sui’s Mainnet Launch Boosts Future Prospects The growth is expected to continue, especially following the mainnet launch of Sui’s new Sui Bridge, recently announced by the Sui Foundation. This bridge facilitates secure asset transfers between the Ethereum and Sui networks, likely attracting new users and increasing liquidity on the platform. Additionally, the network’s daily active addresses have skyrocketed by 140% over the past month, according to data from Artemis. This surge in unique addresses performing transactions on the network adds to the bullish outlook for SUI, increasing the likelihood of the coin reclaiming its all-time high of $2.18. Is All Time High Within Reach? Further supporting the bullish case for SUI is the increase in open interest, which has reached $750 million—its highest level since January.…
Filed under: News - @ October 2, 2024 12:14 pm