Sui Price Forecast: After 100% Rise, How Close is a New All-Time High?

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Buy Sui (SUI): November 2024 Price Prediction For the 'Solana Killer' Reveals

Highlights

  • Sui's daily transaction volume surpassed Solana's, sparking increased investor interest.
  • Sui's total value locked (TVL) reached $2.98 billion, signaling DeFi network expansion.
  • Resistance at $2 remains crucial for Sui price next push toward a potential ATH.

Sui (SUI) price has recently experienced a notable rise in market value, standing out even as the broader cryptocurrency market struggles. Over the past week, SUI has defied the downturn, continuing its upward momentum after being one of the top-performing large-cap cryptocurrencies in September. 

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SUI Price Soars After Daily Transactions Spike

The token saw a remarkable 100% increase last month, and the rally carried over into October, with SUI coming close to setting a new all-time high on October 7. In addition, SUI drew more attention after surpassing Solana in daily transaction volume, further solidifying its growing presence in the market.

SUI price saw a significant boost as its daily transactions surpassed Solana’s on October 7. The unexpected flip occurred after SUI’s transactions soared to 118 million on October 5, compared to around 10 million daily in September. This surge followed Circle’s announcement of native USDC support on SUI’s layer-1 blockchain platform. 

Additionally, Coinbase added USDC to Sui on its listing roadmap, further boosting interest. Bybit’s addition of SUI on Launchpool and its support for Sui’s native token also fueled price momentum, marking SUI as the first native cryptocurrency on Bybit’s platform.

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SUI price Eyes ATH Despite Market Corrections

After a market surge over the past few days, the SUI price has experienced a notable drop, slipping by 5.90% to $1.94 at press time. The digital asset, which recently hit a 24-hour low of $1.94 and a high of $2.13, has seen some fluctuations, reflecting a volatile trading day. The Sui price hit an all-time high of $2.18 on March 27, 2024, marking a 10.5% decrease from its peak.

The Sui price is facing resistance around the $2 mark. However, improving market conditions might support a push towards this level soon. If the coin reaches $2.18, it would mark a significant increase of nearly 10% from its current value. 

Such a move could bring the cryptocurrency closer to its all-time high (ATH), potentially sparking renewed investor interest.

The current Chaikin Money Flow (CMF) value is 0.01, indicating a neutral market sentiment. It recently showed a bullish trend before flattening out.

Sui Price Forecast: After 100% Rise, How Close is a New All-Time High?
Sui Price Chart| Source: TradingView

According to DefiLlama data, the Layer One blockchain has locked a total value of $2.98 billion. This marks a significant milestone for the platform as it continues to expand its presence in the decentralized finance (DeFi) space. Sui’s rise in total value locked (TVL) reflects growing confidence in the network’s capabilities and increasing adoption across various DeFi projects.

Sui Price Forecast: After 100% Rise, How Close is a New All-Time High?
Source- DefiLlama

While the Sui price has pulled back slightly from its recent highs, the continued growth in transactions and DeFi activity suggests the potential for further gains. With resistance near $2 and increasing interest from key platforms, Sui remains a token to watch, especially if it makes another push toward its all-time high.

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Frequently Asked Questions (FAQs)

1. What caused the recent surge in SUI's price?

SUI's price surge was driven by a 100% rise in daily transaction volume, surpassing Solana's, alongside growing DeFi activity on its network.

2. What is SUI's all-time high (ATH)?

SUI reached an all-time high of $2.18 on March 27, 2024.

3. What are the key resistance levels for SUI?

The $2 mark remains a crucial resistance level for SUI’s next potential push toward an ATH.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.