Sui prices soared 140% in September;
Is it possible that October SUI hits a record high?
Although the market plummeted due to the war in the Middle East; SUI's ability to rebound is obvious to all, and it rebounded successfully in just one day;
Sui (SUI) is a Layer 1 blockchain token that has seen a significant increase in its market valuation recently. SUI prices have soared over the past week despite a generally depressed market. The gains put SUI holders in a strong position as optimism rises in the altcoin industry;
Why do SUI prices hit new highs repeatedly? Following the launch of its mainnet, the Sui Foundation launched Sui Bridge. This new feature enhances connectivity between the Ethereum and Sui networks by enabling secure asset transfers. This development is expected to attract new users and increase liquidity, further boosting Sui’s growth trajectory.
The SUI has reached a six-month high, rising 131% in September alone. Driven by increased investor confidence, it has now exceeded $2 and is close to its all-time high of $2.18. The upward trend underscores the optimism in Sui's outlook.
Sui’s price has achieved significant success recently, with its total value locked (TVL) surging past $1 billion. This milestone puts Sui ahead of Polygon in terms of TVL.
Sui's TVL is $1.07 billion, up 65% over the past month. The surge in TVL is seen as a strong indicator of growing trust in Sui's abilities and potential.
Sui's sharp share price gains, growing TVL and growing investor confidence suggest it has strong potential for further upside. However, technical indicators indicate the need for caution as market conditions may change.
But the Moving Average Convergence Divergence (MACD) indicates a possible change in momentum. The MACD line is converging towards the signal line, indicating that a bearish crossover may be imminent. This is underscored by the histogram moving into the red zone, suggesting bearish strength may be building.
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