- SUI recently achieved a $900 million TVL milestone.
- SUI’s recent achievement coincides with a 60% price rally over the past month.
- Increasing DeFi activity is behind SUI’s recent resurgence.
SUI, the native token of the layer-1 blockchain platform Sui, hit a major milestone reaching a total value locked (TVL) of over $900 million.
Host of the Altcoin Buzz podcast noticed SUI gained a massive 60% over the past month, climbing to over $1.60 in its latest surge.
The analyst reviewed SUI’s price performance in the past year, showing how the altcoin’s price peaked in March when it rallied to $2.18 during a crypto market surge. SUI’s March rally happened at the same time as Bitcoin’s pre-halving surge, which pushed the leading cryptocurrency to record highs.
Afterward, both SUI and Bitcoin pulled back after hitting new highs, with the layer-1 blockchain’s token falling below $0.5 in August before reversing course and rallying nearly 260% in less than seven weeks. The podcast analyst believes SUI’s latest surge indicates the altcoin’s potential to reach a new all-time high.
SUI’s Bullish Surge
SUI’s recent bullish movement includes a remarkable 61% surge on Monday, similar to the price movement seen during a full-fledged crypto market bull run. SUI jumped from a $1.01 daily low to $1.64 before slightly retracting and closing at $1.56, based on TradingView data.
Read also: Sui Network Flips Aptos, Becomes 27th Largest Crypto Asset by Market
It is important to mention that SUI’s market cap hit a noteworthy $4.38 billion on September 23, while the blockchain’s network experienced a resurgence in network activity over the past month. The Sui network’s over $900 million TVL is due to increasing DeFi activity on the platform, placing it in the 8th position among all blockchain networks by TVL.
Bitcoin’s Bullish Behavior and Market Predictions
At the same time, SUI’s recent rally coincides with Bitcoin’s bullish trend, with the flagship crypto gaining over 8% within the past week. Bitcoin retested the $64,000 price region, possibly indicating the start of a potential bull run. Analysts believe the leading crypto could surge by 171% in the fourth quarter.
Crypto market observers anticipate Bitcoin to break out of a reaccumulation range between $50,000 and $70,000, where it has traded since achieving an all-time high in March. Considering historical patterns, analysts predict Bitcoin could reach between $100,000 and $172,000 by the end of 2024.
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