- Sui’s 65% TVL surge and strong utility position it for a breakout, with a potential all-time high of $2.18 within reach.
- Rising liquidity, daily active addresses, and open interest signal strong bullish momentum for SUI, but watch for key resistance levels.
As the cryptocurrency market braces for a potential rally in October, SUI holders are well-positioned to benefit from growing optimism surrounding altcoins. The recent surge in Sui Network’s Total Value Locked (TVL) has become one of the most notable achievements for the Layer-1 network in recent weeks.
Following Sui breaking $1B in TVL, surpassing Polygon, as CNF previously reported, Sui’s TVL has reached $1.07 billion, representing a 65% increase in just 30 days, marking a significant milestone for the network.
This rapid rise in TVL is considered a positive indicator for the SUI coin, signaling increased confidence in the platform’s utility. As more capital flows into Sui’s decentralized finance (DeFi) ecosystem, it creates upward pressure on the SUI coin’s price, according to Sui daily active address data published by Artemis.
Sui’s Mainnet Launch Boosts Future Prospects
The growth is expected to continue, especially following the mainnet launch of Sui’s new Sui Bridge, recently announced by the Sui Foundation. This bridge facilitates secure asset transfers between the Ethereum and Sui networks, likely attracting new users and increasing liquidity on the platform.
Additionally, the network’s daily active addresses have skyrocketed by 140% over the past month, according to data from Artemis. This surge in unique addresses performing transactions on the network adds to the bullish outlook for SUI, increasing the likelihood of the coin reclaiming its all-time high of $2.18.
Is All Time High Within Reach?
Further supporting the bullish case for SUI is the increase in open interest, which has reached $750 million—its highest level since January. A rise in open interest generally reflects new capital entering the market and indicates a growing appetite for SUI derivatives. If this buying momentum persists, SUI could break through key resistance levels, potentially reaching its previous all-time high of $2.18.
However, if selling pressures increase, SUI’s price could drop toward $1.11, with further declines possible if it fails to establish that level as a support floor. In a worst-case scenario, the price could drop to $0.86. Despite this, market participants remain optimistic about SUI’s future, driven by the network’s growing utility and strong market fundamentals.
On the other hand, Polygon (MATIC), which was surpassed by Sui in breaking $1B in TVL, is currently trading at $0.3847, with a decrease of 4.53% in the past day and 5.81% in the past week. See the MATIC price chart below.
