Sui Price Prediction: Will October's Rally Propel SUI to New Highs?

Sui's price momentum has surged since early September, climbing from its support level of $0.75. This rally is primarily fueled by a substantial increase in Total Value Locked (TVL) on the Sui blockchain, which has grown nearly five-fold this year, reaching a record high of $1.027 billion by October 1st. Growing investor interest, coupled with rising daily active users, has added to the bullish sentiment.

One of the key drivers of this upward trend is the upcoming release of $112 million worth of SUI tokens in October, accounting for 2.40% of the total circulating supply. Despite this, the token has soared by 47% in the past week, largely due to the introduction of Grayscale’s SUI Trust, boosting investor confidence significantly.

Trading volume has also spiked, reaching $2.61 billion, a signal that sharp price movements could be on the horizon. Sui’s price is currently trading above the 78.60% Fibonacci level at $1.74, with bullish technical indicators suggesting a price target of $2.18 and potentially $3 by the end of October. Crucial support levels remain at $1.50 and $1.10.

With Sui’s 100-day and 200-day Exponential Moving Averages showing a bullish crossover, all signs point to continued upward momentum for the SUI token in the near term.