SUI Price Surges by 12.7% as TVL Breaks $1 Billion Mark, Supported by Bybit Launchpool—Can it Break ATH?
The price of SUI has seen an impressive 12.7% increase during recent U.S. market trading sessions, now hovering around $2.07. This bullish momentum is largely attributed to the surge in Total Value Locked (TVL), which has surpassed the $1 billion threshold, along with Bybit’s Launchpool, which has integrated SUI as its first native token. As SUI continues to climb, the key question remains: Will this momentum push it past its all-time high (ATH), or is a selloff imminent as sellers prepare to counter?
SUI Breaks $2 Mark Amid 112% Surge in Daily Transactions – Is a New ATH on the Horizon?
According to Artemis data, SUI’s daily transactions skyrocketed from $4.1 million to $9.0 million in October, reflecting a massive 120% increase. This rapid growth is underpinned by significant developments, such as Bybit’s Launchpool support, the rising TVL, and the ongoing bullish price rally. The surge in transactions also signals growing user engagement, which strengthens the security and resilience of the SUI network.
Bybit Enhances SUI Ecosystem with Launchpool Integration
Bybit’s decision to feature SUI as the first native token in its Launchpool represents a major milestone for both Bybit and the SUI ecosystem. This partnership enhances SUI’s footprint within the DeFi space by boosting its visibility and liquidity through a prominent exchange.
In addition, Bybit has recently replaced its USDT pool with a USDC pool, further signaling its strategic pivot. Bybit’s launch of the NAVI token, another asset from the SUI ecosystem, underscores its commitment to supporting the growth and expansion of the SUI network.
As of press time, SUI is trading at $2.13, with a market cap of $5.9 billion.
SUI Price Just 1% Away from New All-Time High
SUI, a Layer-1 cryptocurrency, has emerged as one of the top-performing assets in recent weeks. After hitting a low of $0.75, the token rallied by a remarkable 180%, reaching $2.18.
A solid breakout above the critical $2 psychological level has given buyers renewed confidence, placing the ATH resistance of $2.17 within striking distance. If this resistance is flipped into support, the SUI price could aim for $2.50 in the near future.
However, despite the optimistic outlook, technical indicators show that buyers may be nearing exhaustion. The Average Directional Index (ADX), currently at 54%, suggests that the asset could be due for a short-term pullback to consolidate its gains. The 20-day exponential moving average at $1.65 and the 50-day EMA at $1.35 serve as potential support levels if a correction occurs.
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