Sui (SUI) Price Prediction: All-Time High Is the Next Target

Layer-1 (L1) blockchain Sui has achieved a series of milestones over the past month. This positions its native coin, SUI, to potentially reclaim its all-time high of $2.16 in October.

Layer-1 (L1) blockchain Sui has had a good month, with its native coin, SUI, positioned to reclaim its all-time high of $2.16 in October.

The bullish sentiment around the altcoin makes this even more likely. As market participants anticipate a broader market rally in October, SUI holders may see some gains.

One of the most important milestones for Sui over the past month is the surge in its Total Value Locked (TVL). At $1.07 billion, the L1's DeFi TVL is at its highest, showing a 65% increase in the past 30 days.

This TVL rally bodes well for the SUI coin because the surge indicates growing confidence in Sui's utility. As more value enters the network, it can create upward pressure on the coin's price. Rising TVL is often seen by investors as a bullish signal, attracting more buyers and potentially leading to an increase in the price of SUI.

Moreover, Sui's TVL is expected to increase in October, following the mainnet launch of its Sui Bridge. The Sui Foundation announced the launch of the bridge yesterday, enabling secure asset transfers between the Ethereum and Sui networks. This development is likely to bring a new wave of users and boost liquidity on the network, which could drive up the price of SUI.

The bullish case for the native coin of Layer-1 (L1) blockchain Sui is supported by the steady increase in daily active addresses on the network. Artemis' data shows that the number of unique addresses that completed at least one transaction on the Sui network in the past month has increased by 140%. This suggests that SUI may face heightened demand, driving its price to reclaim its all-time high.

SUI's rising open interest also adds to the bullish outlook. At $750 million, it has reached its highest level since January.

Open interest measures the total number of outstanding derivative contracts that have not yet been settled. A rise in open interest usually signals new capital entering the market and increased buying activity, indicating a bullish trend.

If this buying momentum continues, SUI could reclaim its all-time high of $2.18. Fibonacci Retracement readings indicate this target, as SUI has broken through key resistance levels on its way to that price.

However, if selling pressure increases, SUI's price could drop to $1.11, attempting to establish it as a support floor. Failure to hold this line could lead to a further decline to $0.86.

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