The SUI price surged 12.7% during the U.S. market trading sessions, currently trading at $2.07. The bullish trajectory can be attributed to TVL’s surge above the $1 Billion mark, and Bybit’s Launchpool supports SUI as its first native token. Will the recovery break ATH or selling waiting for a counter-attack?
SUI Price Gives $2 Breakout as Daily Transactions Soar 112%; All-Time High Incoming?
According to Artemis data, the SUI’s daily transactioFns skyrocketed from $4.1 Million to $9.0 Million— a 120% surge in October. This sharp increase is driven by key developments such as Bybit’s launch pool support, SUI’s Total Volume Locked (TVL) surge, and high momentum price rally.
The uptrend in SUI transactions indicates heightened user activity, contributing to a more secure and robust network.
Bybit Boosts SUI Ecosystem with Launchpool Support
Bybit Launchpool’s recent decision to support the SUI pool as its first native token is a significant step for both Bybit and the SUI ecosystem. This move strengthens SUI’s presence in the DeFi space, as the integration into a major exchange brings increased visibility and liquidity.
Bybit also shares the replacement of the existing USDT pool with the USDC pool. Bybit’s recent introduction of the NAVI token from the SUI ecosystem further solidifies its commitment to supporting and expanding the SUI network.
By press time, the SUI price traded at $2.13, while the market cap was $5.9 Billion.
SUI Stands 1% Away From New High
The Layer-1 cryptocurrency SUI emerged among the highest-performing digital assets in September. From the recent bottom of $0.75, the SUI price surged 180% to trade at $2.18.
A bullish breakout from the $2 psychological level will give buyers potential support to challenge the ATH resistance of $2.17. A successful flip of overhead resistance into potential support could drive SUI price to $2.5 next.
While the SUI price is poised to hit new highs, the oversold technical indicator suggests that the buyers must be exhausted. The Average Directional Index (ADX) at 54% hints the altcoin could enter a temporary pullback to recuperate the bullish momentum.
Currently, the 20-day exponential moving Average at $1.65 and 50 EMA at $1.35 stand as pullback support for crypto buyers.
Frequently Asked Questions (FAQs)
SUI is currently trading at $2.13, just 1% away from surpassing its all-time high of $2.17. A breakout above this resistance could push the price to $2.5 in the next rally. 2/2
The 20-day exponential moving average (EMA) at $1.65 and the 50-day EMA at $1.35 serve as key pullback support levels for SUI
Bybit’s support of SUI as its first native token has increased visibility and liquidity for the network, providing significant momentum for SUI’s price growth
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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.
Source: https://coingape.com/markets/sui-price-2-daily-transactions-112-ath-next/
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