As the crypto Market gears up for potential Growth in October, Sui Network's Total Value Locked (TVL) surge presents a promising opportunity for SUI holders. The recent spike in SUI's TVL, surpassing $1 billion, showcases a remarkable 65% increase in just 30 days, positioning Sui as a strong contender in the Decentralized finance (DeFi) space.
This surge in TVL signifies a growing confidence in Sui's utility and platform, translating into positive momentum for the SUI coin. With more capital flowing into Sui's DeFi ecosystem, there's increased pressure driving the Price of the SUI coin upward, according to Data on Sui's daily active addresses provided by Artemis.
Sui's Mainnet Launch Sparks Excitement
The recent launch of Sui's new Sui Bridge on the mainnet by the Sui Foundation has further fueled optimism for the network's future. This bridge facilitates secure asset transfers between Ethereum and Sui networks, attracting new users and boosting liquidity on the platform.
With the network's daily active addresses surging by 140% over the last month, as reported by Artemis, the bullish outlook for SUI strengthens. This uptick in unique addresses engaging in transactions on the network hints at the potential for SUI to reclaim its previous all-time high of $2.18.
Reaching All-Time High: A Possibility?
Amidst these positive developments, SUI's open interest has climbed to $750 million, marking its highest level since January. The rise in open interest signifies an influx of new capital into the Market, hinting at a growing interest in SUI derivatives. If this trend persists, SUI could break through key resistance levels and target its all-time high of $2.18.
However, should selling pressures intensify, SUI's Price might dip towards $1.11, with the possibility of further declines if that level fails to hold as support. In a less favorable scenario, the Price could retreat to $0.86. Nevertheless, Market participants remain optimistic about SUI's future trajectory, driven by the network's expanding utility and robust Market fundamentals.
On the flip side, Polygon (MATIC), which was overtaken by Sui in crossing the $1 billion TVL milestone, is currently trading at $0.3847, reflecting a 4.53% decline in the past day and a 5.81% decrease over the week. Refer to the MATIC Price chart below for a visual representation:
