SUI breaks $1.70, surges 130% – But is a pullback coming?

• SUI has returned to the $1.7 price range at press time.
• The last time it traded in this range was in April. 

Sui [SUI] has recently witnessed a surge in popularity, reflected in its price experiencing substantial uptrends over the past few weeks.

This momentum has positively impacted its Total Value Locked (TVL) and trading volume, indicating growing investor interest.

Sui’s increased attention

Data from Santiment revealed that Sui’s social interaction has soared to an all-time high.

Starting around the 16th of September, there have been consecutive spikes, culminating on the 25th of September when the social volume reached 197.

Although it slightly dipped to around 121 by the end of the last trading session, this trend underscores the increasing market attention that SUI is garnering.

Source: Santiment

Sui’s price grows over 130%

The heightened social engagement aligns with a significant rise in Sui’s price. Reports from AMBCrypto show that SUI has surged by nearly 130% this month.

The most notable jump occurred on the 24th of September, when the price climbed over 13.5%, hitting approximately $1.70. 

Source: TradingView

Despite subsequent declines that pulled it below this mark, SUI has rebounded, currently trading around $1.70 with an approximate 4% increase.

Furthermore, technical indicators suggest further bullish potential. The moving averages (yellow and blue lines) are approaching a golden cross, often seen as a signal of continued upward momentum.

However, the Relative Strength Index (RSI) was around 75, placing SUI deep in the overbought territory, which could indicate a possible short-term price correction.

TVL reaches an all-time high

The recent price uptrends have significantly impacted Sui’s Total Value Locked. According to DefiLlama, the TVL has exceeded $970 million, the highest the network has ever recorded.

Source: DefiLlama

In tandem with the TVL, the network’s trading volume has also seen substantial growth. While not an all-time high like the TVL, volume spiked to nearly $119 million, marking the highest in months.

At the close of the last trading session, the volume remained robust at over $91 million, one of the highest levels observed recently.

 Realistic or not, here’s SUI market cap in BTC’s terms

Conclusion

Sui’s remarkable increase in popularity and price reflects growing investor confidence and market activity.

With social volumes hitting record highs and technical indicators pointing to potential continued growth, Sui is attracting significant attention. However, the overbought signals suggest a possible short-term correction.