SUI Surges Almost 300% in 2 Months: Will It Target Its All-Time High?

SUI's price action and recent developments have inspired confidence within the blockchain community.

SUI price has surged almost 300% in the last two months. Several indicators suggest that the token is preparing to make a move toward its all-time high.

SUI price analysis: key takeaways

SUI price has surged almost 300% in the last two months.

The recent price correction could be a sign of an upcoming reversal.

Crypto All-Stars (STARS) is another suitable asset to consider for investment.

After bouncing from its low point of $0.48, SUI price consolidated within the $0.80–$1.10 zone for a month before experiencing a major breakout in early September.

The breakout led the token to highs of nearly $1.90, encountering strong resistance at this level. However, the token’s price has slightly retracted from this high and is currently trading around the $1.60 level.

If there is a pullback in the coming days, the previous consolidation zone of $0.80–$1.10 and the recent high of $1.80 act as key resistance levels. The token’s current market capitalization is just above the $4.5 billion mark.

Analysis by Crypto Amsterdam

This sudden increase has led investors and crypto analysts to make bullish predictions, with CryptoAmsterdam offering a more analytical view of the project.

In the watchlist he created, CryptoAmsterdam has used SUI’s price action to teach his followers about the different stages of the market cycle and to identify a suitable entry point for investment.

The chart shows that the token consolidated in Stage 3 before making a strong upward move into Stage 4. However, before that, the price experienced a sweep of the lows at a key level on a higher time frame, clearing out weak positions by dipping below the previous lows before reclaiming the range.

Why Is SUI Growing?

Several indicators suggest that the token is preparing to make a move toward its all-time high. However, several factors could be contributing to SUI’s recent price surge.

Increased Value Locked

SUI’s DeFi ecosystem has experienced a major surge in terms of Total Value Locked (TVL). It increased from $663.8 million in mid-September to $1.05 billion by October 1st.

While there has been a minor decline, with the current TVL just above $977 million, this recent surge indicates growing interest in its ecosystem.

Total Unlock Event

On October 1st, 64.19 million SUI tokens were unlocked, representing nearly 2.4% of the total supply. These tokens were allocated to Series A and Series B investors, Mysten Labs Treasury, early contributors, and community reserves.

The unlock led to significant buying pressure, contributing to the token’s growth.

Increased Activity

Artemis Terminal shows that there has been increased activity on the SUI network, with a sharp 140% rise in the number of unique addresses interacting with the ecosystem. These interactions have contributed to SUI’s recent growth.

Sui Mainnet has Gone Live

The Sui mainnet has now gone live with the launch of its native Sui bridge. This milestone has led to the SUI token gaining more traction in the market.

SUI Price Prediction

The recent developments have brought significant traction to SUI, and despite some price corrections, the overall sentiment remains bullish.

In the remaining months of 2024, it is entirely possible for bulls to push the SUI price further up, potentially reclaiming its all-time high or even surpassing it.

That said, we have to take the recent decline into account as well. The large red candle could be the undoing of this forecast if multiple greens don’t emerge to create a bullish engulfing chart.

For now, $1.63 (23.6% fibs) is acting as support. A drop below this could push the SUI price further down to the $1.40 level. Breaking the $1.90 resistance is necessary for it to make a move toward its all-time high.

Crypto All-Stars: Another Suitable Asset to Invest Alongside SUI

SUI’s price action and recent developments have inspired confidence within the blockchain community. However, the recent uptrend also suggests that any profits generated might be modest.

Therefore, those looking for exponential price action might consider investing in meme tokens like Crypto All-Stars (STARS). Available at under $1 on presale, it offers early entry opportunities as well as a chance to participate in an initiative aimed at unifying the meme coin community.

Crypto All-Stars presents images of all the major meme coin mascots inside a pixelated arena. While the look fosters a sense of community, it is the utility that Crypto All-Stars brings that makes it more tangible.

The project has developed a MemeVault, a staking pool where