Token

bullish

Scallop

SUI surged 115% in September, becoming the top-performing altcoin and reaching a five-month high. 
At press time Sui (<a href="https://crypto.news/price/sui/" target="_blank">SUI</a>) was trading at $1.77 recording a 7% price jump over the day while its market cap surged past $4.925 billion setting a new all-time high.&nbsp; Moreover, the Layer-1 blockchain’s daily trading volume also rose 164% hovering around $1.06 billion in the last 24 hours. 
Sui, often regarded as a competitor to Solana, has seen impressive growth driven by increasing interest from users and developers. <a href="https://defillama.com/chain/Sui?currency=USD" target="_blank" rel="nofollow">Data </a>from DeFI Llama shows that the total value locked in its ecosystem has surged to an all-time high of $1 billion, up from just $383 million recorded in August. 
Some of the most notable Sui dApps that have seen significant growth in TVL are NAVI protocol, Cetus, Suilend, and Scallop Lend, each accumulating over $165 million in assets. 
Sui’s push into the blockchain gaming sector, a key area for blockchain adoption, has been a major driver behind its recent surge. 
In early September, Mysten Labs, the developer of the Sui blockchain, <a href="https://crypto.news/suis-mysten-labs-starts-preorders-for-new-gaming-console-report/" target="_blank">opened preorders </a>for the SuiPlay0X1 gaming handheld, which integrates Sui’s blockchain technology with a Linux-based OS, supporting both traditional PC and blockchain-based games.&nbsp; 
To build excitement, users who preordered were given the opportunity to create a wallet, which will receive a unique NFT upon the device’s delivery. 
Another key driver of SUI’s September run is Grayscale’s decision to <a href="https://crypto.news/sui-hits-monthly-highs-as-grayscale-opens-sui-trust-to-accredited-investors/" target="_blank">open its Sui Trust to accredited investors</a>, which adds credibility and attracts institutional interest in Sui. 
Moreover, Sui’s recent<a href="https://crypto.news/sui-and-moviepass-team-up-for-usdc-integration/" target="_blank"> integration of USDC i</a>nto its ecosystem and its partnership with MoviePass, the U.S. movie subscription service also contributed to the bullish momentum. 
 You might also like: <a rel="" href="https://crypto.news/solana-base-sui-dex-volume-lead-as-meme-coins-rebound/"> Solana, Base, Sui DEX volume lead as meme coins rebound </a> 
<h2 class="wp-block-heading" id="technicals-point-to-bullish-momentum">Technicals point to bullish momentum</h2> 
Sui has seen a notable rise in futures open interest, reaching an all-time high of $485 million on Sept. 30. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="542" src="https://crypto.news/app/uploads/2024/09/SUIUSDT_2024-09-30_14-14-14.png" alt="SUI gains 115% in September backed by ecosystem growth - 11" class="wp-image-14300587">
 <figcaption class="wp-element-caption">
 SUI price, 20-day and 50-day EMA chart | Source: <a href="https://crypto.news/price/sui/" target="_blank">crypto.mews</a>
 </figcaption>
</figure> 
The altcoin is currently trading above its 50-day and 200-day moving averages, which formed a golden cross on Sept. 22—a key bullish signal in technical analysis. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="542" src="https://crypto.news/app/uploads/2024/09/SUIUSDT_2024-09-30_14-22-37.png" alt="SUI gains 115% in September backed by ecosystem growth - 12" class="wp-image-14300588">
 <figcaption class="wp-element-caption">
 SUI Bollinger Bands and RSI chart | Source: <a href="https://crypto.news/price/sui/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
When writing, SUI’s price had moved close to the upper Bollinger Band at $1.9754, while the Relative Strength Index had risen to 77. 
These indicators suggest strong bullish momentum for Sui, with the potential for further short-term gains. If this trend continues, the next key resistance level is $2.1839, which marks its March high and sits 24% above the current price. 
However, SUI’s price could be at risk of a correction, as roughly 64.2 million SUI, valued at $108.5 million and representing 2.4% of the circulating supply, are set to be unlocked on Oct. 1, <a href="https://token.unlocks.app/sui" target="_blank" rel="nofollow">according </a>to Token Unlocks.&nbsp; 
A significant portion—61%—of these tokens will be allocated to early investors from the project’s Series A and B funding rounds. If these investors opt to liquidate their holdings, it could introduce considerable selling pressure, potentially offsetting the recent bullish momentum. 
 Read more: <a rel="" href="https://crypto.news/sui-price-prediction/"> SUI price prediction: is this the next big L1 in crypto? </a>

SUI gains 115% in September backed by ecosystem growth

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