Sui price skyrocketed 140% in September: is ATH possible?
2024-10-03

Sui (SUI) Price, a Layer 1 blockchain token, has seen a significant uptick in market valuation recently. Despite broader market downturns, the SUI price has surged over the past week. This increase positions SUI holders advantageously as optimism in the altcoin sector rises, potentially setting the stage for a robust October rally.

Following the launch of its mainnet, the Sui Foundation introduced the Sui Bridge. This new feature enhances connectivity between the Ethereum and Sui networks by enabling secure asset transfers. This development is anticipated to draw new users and boost liquidity, further propelling Sui’s growth trajectory.

The SUI price has steadily climbed over the past 24 hours, as shown in the chart. At the time of reporting, the SUI price stands at $1.87, marking a 5% increase for the day.

The coin has encountered a notable barrier at the $2 level. Market conditions could soon favor an increase towards this mark. A rise to $2.18 would equal its peak from six months ago on March 27, 2024. Such a development could lead to a nearly 15% increase from its current level.

The Moving Average Convergence Divergence (MACD) indicates a potential shift in momentum. The MACD line converges towards the signal line, suggesting that a bearish crossover might be imminent. This is underscored by the histogram moving into the red zone, a sign that bears may be gaining strength.

Sui’s impressive price surge, growing TVL, and increased investor confidence signals strong potential for further gains. However, technical indicators suggest caution, as market conditions could shift. A move past $2 may set the stage for new highs