Many people don’t understand why Sui not only did not fall with the market, but rose against the trend! What is the reason?
SUI is a Layer 1 blockchain token that has seen a surge in market valuations recently. Despite the overall sluggish market, SUI's price has soared over the past week. As sentiment in the altcoin industry has gradually improved, SUI holders have also benefited from it, which seems to have laid a good foundation for a strong rebound in October.
Why does the price of SUI continue to reach new highs?
As soon as the Sui mainnet was launched, the Sui Foundation launched Sui Bridge. This new feature makes asset transfers between Ethereum and Sui networks safer and more convenient, greatly enhancing the connectivity between the two networks. This move can attract new users, improve liquidity, and take Sui's development to a higher level.
SUI has now reached its highest point in six months, with a 131% increase in September alone. Investors are confident that the token can reach its all-time high of $2.18. This price increase is simply telling everyone: Sui has a bright future!
Now, the price of SUI is still rising, and it is estimated that it can increase by another 15%.
However, if SUI wants to rise to $2, it still has to overcome a hurdle.
But market conditions may soon turn in SUI’s favor. If it does rise to $2.18, it would be about the same as its peak six months ago, which means it would have to rise nearly 15% from its current price.
Speaking of the price of SUI, it has really gone up like crazy recently, soaring 140% in just one month.
Can it set a new historical high?
Sui's total locked value (TVL) has also increased rapidly, and now exceeds $1 billion, higher than Polygon. According to data from defillama, Sui's TVL is now $1.07 billion, up 65% in just one month. The increase in TVL shows that everyone is becoming more and more confident in Sui's ability and potential.
Sui's stock price surge, TVL soaring, and investor confidence all indicate that Sui still has a lot of room for growth.
