SUI Token Price Rises 140% in a Month, Could Break ATH?
2024-10-03
Bittime - Recently, SUI token prices rose and surged significantly, with an increase of 140% throughout the month of September.
This trend raises optimism that the SUI token price may reach ATH in the near future. Read this article to find out more!
SUI Token Price Rises
The SUI token has demonstrated impressive performance despite volatile crypto market conditions. In the last month, the price of SUI tokens has increased by 140%, a fantastic figure.
Even though the altcoin market experienced a decline, the SUI token managed to recover and reach its highest point in the last six months.
Causes of SUI Token Price Rises
There are several factors behind the SUI token price rising so quickly. One of the main factors is the launch of the Sui Bridge by Sui Foundation.
This Sui Bridge functions to improve connectivity between the Ethereum and Sui networks, thereby enabling secure asset transfers between the two platforms.
This development is expected to attract more users and increase liquidity on the Sui network, ultimately driving the growth of the SUI ecosystem.
Read Also: Sui Could Be A Potential Challenger To Solana? Check out the analysis!
Potential of SUI Token Price Rises Another 15%
Based on the Bittime market, The price of SUI tokens is around IDR 28,937 or around $1.87 when this article was written.
Meanwhile, the SUI token resistance level is at $2. If this trend continues, it is possible that the SUI token price will re-reach its all-time high of $2.18, recorded on March 27, 2024.
If the price of the SUI token rises and manages to break through this resistance level, we may see an additional increase of 15% from the current price.
SUI Token Price Rises, TVL Also Increases
Source: Coingape.com
Apart from the increase in the price of SUI tokens, the TVL of SUI tokens has also increased, surpassing the $1 billion mark, with an increase of 65% in the past month.
According to data from DeFiLlama, Sui's TVL currently stands at $1.07 billion. This achievement places Sui in a higher position compared to Polygon in terms of TVL.
Read Also: SUI's Important Achievement, Reaching $1 Billion in TVL
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