Sui (SUI) has been gaining attention with its recent price increase, signaling renewed optimism in the cryptocurrency market. Despite some recent market corrections, Sui is showing strong potential for a rally as it approaches its all-time high (ATH).
Sui Price Nears ATH After Bullish Growth
Sui’s price surged by 23% in September, with the bullish momentum continuing into October. On October 14, 2024, SUI nearly hit a new ATH, reaching $2.36 before experiencing a 15.15% pullback. However, investor sentiment remains positive as Sui holds steady. Currently trading at $2.00, the coin has risen 5% in the last 24 hours, with the next key resistance level at $2.10.
If the bullish trend continues and Sui breaks through this resistance, it could push towards $2.18, marking a 17% increase from its current price. Continued momentum could even propel Sui to $2.50 in the near term, signaling strong market support.
TVL Growth Points to Long-Term Confidence
One of the key factors driving Sui’s price rise is the growth in its Total Value Locked (TVL). Sui’s TVL has surpassed $1 billion, according to DefiLlama, indicating increased confidence in the blockchain’s long-term potential. This growth, along with investor enthusiasm, suggests that SUI may soon retest its ATH.
The MACD (Moving Average Convergence Divergence) indicator supports this bullish outlook, showing rising momentum and a potential buying opportunity. As long as market conditions remain favorable, Sui is well-positioned for further gains.
