SUI Price Teases $2 Breakout as Daily Transactions Surge 112%; ATH Next?
Highlights
- SUI price is less than 2% from surpassing the All-time-high resistance of $2.17.
- SUI’s daily transactions surged 120% in October, indicating growing user adoption and increased network activity
- Bybit's Launchpool supports SUI as its first native token, strengthening SUI's position in the DeFi space.
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)
1. How close is SUI to breaking its all-time high price?
2. What are the key support levels for SUI during potential pullbacks?
3. How Has Bybit’s Launchpool Support Boosted SUI’s Price Momentum?
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