Sui (SUI) price has recently experienced a significant rise, attracting attention amid a struggling cryptocurrency market. Despite facing a downturn over the past week due to market corrections, the overall sentiment remains optimistic. As market optimism grows, some speculate that SUI may set the stage for a strong rally, possibly eyeing a return to its all-time high (ATH).
On Thursday, crypto price stirred global investor speculation once again. Bitcoin (BTC) held steady at the $67,000 mark, while ETH, Solana SOL, and DOGE displayed varied price movements. This mixed performance across major cryptocurrencies has led to diverse market reactions, with some tokens showing resilience and others facing volatility.
Sui Price Nears ATH After a Bullish Spike
Sui price surged by an impressive 23% last month, with momentum extending into October. On October 14, 2024, SUI nearly reached a new all-time high, climbing to $2.36. However, the price has since experienced a 15.15% pullback from this peak.
Despite the decline, the overall performance indicates strong market support, and investors remain optimistic about future movements as SUI continues to demonstrate resilience in the crypto market.
Sui price has been on an upward trajectory over the last 24 hours. At the time of this report, the value of Sui is trading at $2.00, reflecting a 5% increase for the day. The coin is approaching a critical resistance point at $2.1, which could serve as a key level for further price movements.
If the market conditions remain favorable, Sui could soon challenge this resistance, potentially targeting a high of $2.18. Reaching this level would match its all-time high (ATH) and result in an impressive 17% increase from its current price. If bullish momentum persists, layer 1 could reach $2.50 in the near term.
The MACD (Moving Average Convergence Divergence) indicator also supports the bullish case. The histogram is rising, and the signal line crosses above the MACD line, signaling a potential buying opportunity. This upward momentum may continue if buying pressure remains strong and the market sentiment holds.
Is the Surge in TVL a Sign of Long-Term Growth?
Sui’s Total Value Locked (TVL) has surpassed $1 billion, pushing the blockchain ahead of high in terms of TVL. According to data from DefiLlama, Sui’s TVL now stands at $1.02 billion, marking an increase over the last day. This rapid growth signals confidence in the blockchain’s potential and long-term capabilities.
Sui’s recent price surge, rising TVL, and investor confidence suggest potential for continued growth. If bullish momentum continues, SUI may soon retest its ATH, providing further market opportunities for investors.
Frequently Asked Questions (FAQs)
Sui (SUI) nearly reached its all-time high (ATH) on October 14, 2024, with a price of $2.36, but it has since pulled back by 15.15%. The ATH remains close, with further potential for retesting.
Sui’s price surge is largely driven by rising investor confidence, growing momentum in the DeFi ecosystem, and a significant increase in the blockchain’s Total Value Locked (TVL).
Sui is approaching a critical resistance level of $2.1. If it surpasses this point, the price could target a high of $2.18, which would bring it close to its ATH.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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