Sui (SUI) was the best performing altcoin in September, gaining 115% and hitting a 5-month high. While Sui (SUI) recorded a 7% price increase on the day, its market cap surpassed $4.925 billion and renewed its ATH. Additionally, the Layer 1 blockchain’s daily trading volume increased by 164% in the past 24 hours, reaching $1.06 billion.
SUI Could Be Solana (SOL)'s Biggest Competitor
Considered a rival to Solana, Sui has seen impressive growth thanks to increased interest from users and developers. Data from DeFiLama shows that the total value locked (TVL) in its ecosystem has reached an all-time high of $1 billion. Some of the most notable dApps that have seen significant growth in TVL are the NAVI protocol, Cetus, Suilend, and Scallop Lend.
Sui’s entry into the blockchain gaming industry, a key area for blockchain adoption, was the biggest driver behind the recent surge. Another factor that led to the September surge was Grayscale’s decision to open the Sui Trust to accredited investors. This decision increased institutional trust and interest in Sui.
Technical data shows an increase
Open interest in Sui futures has increased significantly, reaching a record high of $485 million on September 30. The popular altcoin is currently trading above the golden cross between its 50-day and 200-day moving averages formed on September 22, a key bullish signal in technical analysis.
These indicators show strong bullish momentum and short-term bullish signals for Sui. If this trend continues, the next important resistance level at $2.18 could be targeted. However, according to Token Unlock, there could be a correction in price as around 64.2 million tokens ($108.5 million – 2.4% of circulating supply) are expected to be unlocked on October 1.
