September is a blast: Sui (SUI) has entered the bull season early!

Sui (SUI) has become the best-performing altcoin in September with a 115 percent increase, reaching a five-month high.

Sui ($SUI ) saw a 7 percent price increase during the day, while its market cap exceeded $4.925 billion, renewing its ATH. In addition, the daily transaction volume of the Layer-1 blockchain increased by 164 percent in the last 24 hours, reaching $1.06 billion.

Sui, which is seen as a rival to Solana, has seen impressive growth, supported by increasing 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 blockchain gaming, a key area of ​​blockchain adoption, has been a major driver of the recent surge. Another element of the September rally was Grayscale’s decision to open its Sui Trust to accredited investors. This decision has increased trust and institutional interest in Sui.

Sui’s futures open interest has seen a significant increase, reaching a record high of $485 million on September 30. The popular altcoin is currently trading above its 50-day and 200-day moving averages, which formed on September 22. This is a significant bullish signal in technical analysis.

These indicators indicate strong bullish momentum and a short-term bullish signal for Sui. If this trend continues, the next major resistance level could be targeted at $2.18. However, according to Token Unlocks, there could be a correction in price as around 64.2 million tokens ($108.5 million – 2.4 percent of the circulating supply) are scheduled to be unlocked on October 1.

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