SUI gains 115% in September backed by ecosystem growth
SUI surged 115% in September, becoming the top-performing altcoin and reaching a five-month high.
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.
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.
Technicals point to bullish momentum
Sui has seen a notable rise in futures open interest, reaching an all-time high of $485 million on Sept. 30.
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.
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.
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.
