- SUI has returned to the $1.7 price range at the time of writing.
- The last time it traded in this range was in April.
Sui [SUI] has recently witnessed a surge in popularity, which is reflected in the stock experiencing a substantial uptrend in recent weeks.
This momentum has positively impacted Total Value Locked (TVL) and trading volume, indicating growing investor interest.
Sui’s increased attention
Data from Santiment revealed that Sui’s social interaction has risen to an all-time high.
Starting around September 16, there were successive spikes, culminating on September 25 when the social volume reached 197.
Although the price fell slightly to around 121 at the end of the last trading session, this trend underlines the increasing market attention that SUI is receiving.
Source: Santiment
Sui’s price grows by more than 130%
The increased social engagement corresponds to a significant increase in the price of Sui. Reports from AMBCrypto show that SUI is up nearly 130% this month.
The most notable jump occurred on September 24, when the price rose more than 13.5% to reach around $1.70.
Source: TradingView
Despite subsequent declines that took it below this level, SUI has recovered and is currently trading around $1.70 with an upside of around 4%.
Moreover, technical indicators point to further bullish potential. The moving averages (yellow and blue lines) are approaching a golden cross, which is often seen as a signal of continued upward momentum.
However, the Relative Strength Index (RSI) was around 75, leaving SUI deep in overbought territory, which could indicate a possible short-term price correction.
TVL reaches a record high
The recent price increases have had a significant impact on Sui’s Total Value Locked. According to DefiLlama, TVL has surpassed $970 million, the highest amount the network has ever recorded.
Source: DefiLlama
Along with the TVL, the network’s trading volume has also grown substantially. While not an all-time high like TVL, volume spiked to nearly $119 million, the highest level in months.
At the end of the last trading session, volume remained robust at over $91 million, one of the highest levels seen recently.
Realistic or not, here is SUI’s market cap in BTC terms
Conclusion
Sui’s notable rise in popularity and price reflects growing investor confidence and market activity.
With social volumes reaching record highs and technical indicators pointing to potential continued growth, Sui is attracting a lot of attention. However, the overbought signals point to a possible short-term correction.
Credit : ambcrypto.com
