Sui Dominance Outperforms Top 4 Crypto, What’s Next For SUI Price?
Highlights
- SUI price surged 122% in September, fueled by factors like the Grayscale trust launch, USDC integration, and collaborations, with TVL nearing $1 billion.
- A bullish crossover between the 100-and-200-day exponential moving average could assist buyers in recuperating bullish momentum.
- The overbought ADX indicator hints a potential pullback for SUI price to retest $1.144.
The cryptocurrency market has seen significant price hikes recently, with SUI price taking the lead. Sui experienced a 21% surge over the past week, demonstrating strong resilience and outperforming the top four cryptocurrencies. This bullish momentum, aligned with a broader market uptrend, signals the potential start of a significant rally. The rising Total Value Locked (TVL) on the network underscores the strategic opportunities for investors aiming to capitalize on a sustained upward movement in SUI price. What’s next for SUI?
SUI Price Eyes $2 Breakout as TVL Nears $1 Billion Milestone
So far in September, the SUI price has outperformed most major altcoins with a parabolic rally from $0.756 to $1.68, accounting for a 122% surge. This bullish trajectory can be attributed to several reasons, such as the Grayscale trust fund launch, USDC integration, and some major collaborations.
Moreover, SUI’s total volume locked (TVL) experienced a significant surge, signaling increased investor confidence and growing adoption of its decentralized applications (dApps). According to Defi Llama, SUI’s TVL has reached $948 million, edging closer to the $1 billion milestone.
Furthermore, the renowned crypto analyst Martinez Ali revealed the current price behavior of SUI resembles the Sonala price action before the bull run in 2021. The chart comparison hints the SUI coin could witness sharp uptrend potential surpassing the $2 mark.
$SUI looks like #Solana back in 2021 before the bull run! pic.twitter.com/SfJFJ8xPFq
— Ali (@ali_charts) September 22, 2024
SUI Coin Price Prediction: Is $2 Next?
The SUI price doubled in value in September despite the broader market consolidation. The bull run has stretched the altcoin price away from even a fast-moving 20- and 50-day EMA. This scenario often indicates instability, as a market trend never stays in a particular direction.
Another technical indicator shares the same overbought scenario as the Average Directional Index (ADX) spike of 44%, suggesting the buyers could soon hit exhaustion.
Thus, the SUI price failure to breach $1.72 resistance could spark the post-rally correction and plunge the asset 15% down to hit $1.44 support. The breakout below this support could accelerate the selling pressure and push the altcoin to $1.11.
On the contrary, if the SUI price managed to be from $1.44, the recuperated bullish momentum could drive a rally to $2.17, accounting for a 28% potential gain from the current price.
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Frequently Asked Questions
Is the SUI price gearing up for a $2 breakout?
What is the Total Value Locked (TVL) of SUI, and why is it important?
What is the SUI price prediction if the $1.44 support holds?
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