Sui (SUI) was the best-performing altcoin in September with a 115% surge, reaching a five-month high.
Sui, which experienced a 7% price increase during the day, reached an all-time high (ATH) by exceeding $4.925 billion in market value. In addition, the daily transaction volume of the Layer-1 blockchain increased by 164% in the last 24 hours to $1.06 billion. Sui, which is seen as a rival to Solana, has seen remarkable growth with the increasing interest from users and developers. According to data from DeFiLama, the total value locked (TVL) in its ecosystem has reached an all-time high of $1 billion. Notable dApps that have seen significant growth in TVL include NAVI protocol, Cetus, Suilend, and Scallop Lend.
Sui’s entry into the gaming sector, a key area of blockchain adoption, has been one of the biggest drivers of the recent surge. Another factor in the September rally was Grayscale’s decision to open its Sui Trust to accredited investors, which has increased trust and institutional interest in Sui. Sui’s futures open interest has also seen a significant increase, reaching a record high of $485 million on September 30. The popular altcoin is trading above its 50-day and 200-day moving averages, with a golden crossover formed on September 22. This is a significant bullish signal from a technical analysis perspective.
These indicators are showing strong bullish momentum and a short-term bullish signal for Sui. If this trend continues, the next significant resistance level could be targeted at $2.18. However, a correction is possible as approximately 64.2 million tokens ($108.5 million – 2.4% of the circulating supply) are scheduled to be unlocked on October 1, according to Token Unlocks.
