Journalist
Published:
- SUI returned to the $1.7 price range at press time.
- The last time it traded in this range was in April.
Sui (SUI) has seen a recent surge in popularity, as evidenced by the substantial uptrend in its price over the past few weeks.
This momentum has had a positive impact on its total value locked (TVL) and trading volume, indicating growing investor interest.
Sui’s increased attention
Santiment data revealed that Sui’s social interaction reached an all-time high.
Starting around September 16, consecutive spikes occurred, culminating on September 25 when social volume reached 197.
Although it fell slightly to around 121 at the end of the last trading session, this trend highlights the growing market attention SUI is receiving.
Source: Santiment
Sui price increases by over 130%
The increased social engagement aligns with a significant increase in the price of Sui. Reports from AMBCrypto show that SUI has surged almost 130% this month.
The most notable rise occurred on September 24, when the price climbed over 13.5%, reaching around $1.70.
Source: TradingView
Despite subsequent declines that took it back below that mark, SUI has rebounded, currently trading around $1.70, with an increase of around 4%.
Additionally, technical indicators suggest further upside potential. The moving averages (yellow and blue lines) are approaching a golden cross, often considered a sign of continued bullish momentum.
However, the relative strength index (RSI) was around 75, placing SUI deep in the overbought zone, which could indicate a possible near-term price correction.
TVL hits record high
Recent upward price trends have had a significant impact on the total value locked of Sui. According to DefiLlama, TVL surpassed $970 million, the network’s highest ever.
Source: DéfiLlama
Along with TVL, the network’s trading volume has also seen substantial growth. While not an all-time high like TVL, volume reached nearly $119 million, the highest level in months.
As of the close of the last trading session, volume remained robust at over $91 million, one of the highest levels seen recently.
Realistic or not, here is the market capitalization of SUI in terms of BTC
Conclusion
The remarkable increase in popularity and price of Sui reflects growing investor confidence and market activity.
With social volumes reaching record highs and technical indicators pointing to continued potential growth, Sui is attracting considerable attention. However, overbought signals suggest a possible short-term correction.
