- Sui鈥檚 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鈥檚 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鈥檚 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鈥檚 utility. As more capital flows into Sui鈥檚 decentralized finance (DeFi) ecosystem, it creates upward pressure on the SUI coin鈥檚 price, according to Sui daily active address data published by Artemis.
Sui鈥檚 Mainnet Launch Boosts Future Prospects
The growth is expected to continue, especially following the mainnet launch of Sui鈥檚 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鈥檚 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鈥攊ts highest level since January. A rise in open interest generally reflects new capital entering the market and indicates a growing appetite for SUI derivatives. If this buying momentum persists, SUI could break through key resistance levels, potentially reaching its previous all-time high of $2.18.
However, if selling pressures increase, SUI鈥檚 price could drop toward $1.11, with further declines possible if it fails to establish that level as a support floor. In a worst-case scenario, the price could drop to $0.86. Despite this, market participants remain optimistic about SUI鈥檚 future, driven by the network鈥檚 growing utility and strong market fundamentals.
On the other hand, Polygon (MATIC), which was surpassed by Sui in breaking $1B in TVL, is currently trading at $0.3847, with a decrease of 4.53% in the past day and 5.81% in the past week. See the MATIC price chart below.
