Date: Tuesday, October 1, 2024, 6:33 a.m.
October started off strong for Sui (SUI), the leading Layer 1 blockchain project. SUI’s price surged today, continuing its strong momentum from last month. Despite concerns that its gains might be interrupted by a large number of token unlocks, the token gained another 7.32%.
Concerns had previously centered on how the price of SUI would respond to the unlocking of $108 million worth of tokens. However, those concerns appear to be unfounded as SUI has proven its resilience by remaining strong even after today’s successful unlock.
SUI’s total locked amount exceeds $1 billion
In a bigger win for the project, SUI’s total locked value (TVL) has surged, growing 136% in the past 30 days. As of today, SUI’s TVL has surpassed $1 billion, surpassing Avalanche (AVAX) in the rankings. This surge shows growing confidence in SUI’s ecosystem and DeFi products.
SUI’s market cap also surpassed Litecoin (LTC) today and now stands at $5.18 billion, further solidifying its position as one of the most watched tokens on the market.
Is a new all-time high (ATH) imminent?
October has historically been a bullish month for the cryptocurrency market, and SUI is riding the wave of positive sentiment.
Conclusion:
Currently, SUI has broken through the major resistance level of $1.64 and is trading at $1.87. With this momentum, analysts predict that SUI’s target price could reach $2.18 – a new all-time high (ATH). With strong interest from institutional investors and support from a solid ecosystem, SUI is expected to see further growth in the coming weeks.
