Layer-1 blockchain Sui has achieved several milestones recently, positioning its native coin, SUI, to potentially reclaim its all-time high of $2.16 in October. The coin's bullish sentiment is bolstered by market expectations of a broader rally.
One significant milestone is SUI’s surge in Total Value Locked (TVL), reaching $1.07 billion. This 65% uptick in the past month indicates growing confidence in Sui’s utility, possibly leading to a rise in SUI's price as more investors are attracted to the network.
Additionally, the mainnet launch of Sui Bridge is expected to increase TVL further. This development allows secure asset transfers between Ethereum and Sui networks, attracting new users and boosting liquidity, which would likely push SUI's price upward.
Sui's daily active addresses rose by 140% last month, further supporting the bullish outlook for SUI. Increased activity on the network often leads to heightened demand, boosting the coin’s price potential.
SUI’s rising open interest at $750 million, the highest since January, suggests new capital is entering the market, indicating increased buying activity and a bullish trend. If this momentum continues, SUI may reclaim its all-time high of $2.18.
However, if selling pressure increases, the price could fall towards $1.11 and potentially further decline to $0.86.
