CandleFocus Why Sui (SUI) May Reclaim All-Time High in October
2024-10-01
Author: Content Editor
The Layer-1 blockchain Sui has achieved several milestones, including reaching a Total Value Locked (TVL) of $1.07 billion, which is its highest level to date. This surge in TVL indicates growing confidence in Sui's utility and could lead to an increase in the price of its native coin, SUI. The upcoming mainnet launch of Sui Bridge, which allows for secure asset transfers between Ethereum and Sui networks, is expected to attract more users and boost liquidity, potentially driving up the price of SUI. Additionally, Sui has seen a significant increase in daily active addresses and rising open interest, indicating a bullish outlook. If buying momentum continues, SUI may reach its all-time high of $2.18, but if selling pressure increases, the price could fall to $1.11 or even $0.86.
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