Sui [SUI] has recently seen a surge in demand, leading to significant uptrends in its price in recent weeks.
This surge has positively impacted its Total Value Locked (TVL) and trading volume, signaling a growing interest from investors.
Increased Focus on Sui
Data from Santiment indicates that Sui’s social interactions have reached an all-time high.
From around September 16th, there have been consecutive spikes, culminating on September 25th with a peak social volume of 197.
Despite a slight decrease to around 121 by the end of the latest trading session, this trend highlights the increasing market focus on SUI.
Sui’s Price Surge Exceeds 130%
The heightened social engagement coincides with a significant rise in Sui’s price. Reports from CryptoCrypto reveal that SUI has surged by almost 130% this month.
The most significant increase occurred on September 24th, with a 13.5% spike pushing the price above $1.70.
Although there were subsequent declines below this level, SUI has bounced back, currently trading around $1.70 with an approximately 4% increase.
Additionally, technical indicators suggest further bullish momentum, as the moving averages (yellow and blue lines) are on track to form a golden cross, often signaling sustained upward movement.
However, the Relative Strength Index (RSI) sat around 75, indicating an overbought status for SUI, potentially hinting at a forthcoming short-term price adjustment.
TVL Reaches Historical Highs
The recent price surges have significantly impacted Sui’s Total Value Locked. According to DefiLlama, the TVL has surpassed $970 million, a record high for the network.
Alongside the TVL, the network’s trading volume has also experienced substantial growth. While not hitting an all-time high like the TVL, the volume peaked at nearly $119 million, marking the highest figure in months.
By the end of the most recent trading session, the volume remained strong at over $91 million, one of the highest levels seen recently.
Summary
Sui’s surge in popularity and price signifies a growing confidence among investors and heightened market activity.
With record-breaking social engagement and positive technical signals hinting at potential future growth, Sui continues to attract significant attention. Nonetheless, the overbought indications indicate a potential short-term market correction.