SUI Token defies expectations, surges 20% in a week despite unlock event

SUI token has experienced a 20% surge over the past week, building on its impressive performance throughout Q3 2024.

SUI crypto’s impressive performance throughout Q3 2024 has drawn even more attention with a 10% intraday increase, reaching $1.9033 when writing. Despite today’s unlock event valued at over $100 Million, this strong performance continues to boost investor sentiment.

Many had anticipated that the unlock event might impede its rally toward a new all-time high (ATH) next quarter. However, the intraday gains have dispelled these concerns in the short term.

The key question remains: will SUI’s price cross its ATH, or will profit-taking set in after the 300% gains recorded in Q3 2024?

Impressive Growth In On-chain Witnessed

In the last two years since its mainnet launch, TVL has reached ATH. Over time, the increase in TVL highlights the growing demand for the project and the evolving dynamics of market participation.

According to DefiLlama, the SUI token’s TVL has reached $1.08 Billion. This is a significant rise from the $360 Million low in Q3 2024, nearly tripling in just two months. This impressive growth underscores the robustness of the SUI asset.

Additionally, the number of transactions on the Sui Network has surged, indicating strong user trust. Over the past 30 days, the total number of transactions reached 286.496 million.

At the time of writing, SUI surged in daily transactions, which stood at 404.200K. The daily transaction was significantly higher than this month’s low of 176.641K transactions.

SUI crypto has established a strong presence on X, with its account being active for 2 years and 6 months and amassing 110.160K followers.

In just one day, it gained 89 new followers, reflecting a steady increase over the past month. This underscores the SUI network’s solid foothold in the crypto community.

On GitHub, SUI’s account has been active for over 3 years and 1 month, earning 7600 stars from the developer community.

According to DefiLlama stats, the project has been actively maintained by 64 core developers since September. This Layer 1 project boasts a security score of 83.31 and an ‘A’ tier security class rating.

Overall, both development activity and social dominance have been consistently rising. This increased development and user engagement may drive demand and potentially boost the price value of SUI crypto more ahead.

Sui Network Milestones Fuels The Rally

Despite expectations for a bearish September based on historical trends, Bitcoin defied predictions and closed the month with record gains.

The BTC peaked at $66,500 over the last weekend of September. This marked its highest price in nearly two months, though it couldn’t sustain this momentum.

In contrast, SUI price maintained its upward trajectory. The bullish sentiment surrounding Bitcoin and the strength of the SUI project itself have bolstered its position.

Investors view SUI as a robust asset, partly due to Grayscale’s endorsement and strong interest in the project. Remarkably, on its unlock day, the SUI price held steady and surged further, defying expectations of a decline.

The optimism was further fueled by a recent broadcast on X. There, the Grayscale’s Head of Research and Product and SUI Network’s co-founder, discussed the project in-depth.

This public endorsement and detailed discussion have reinforced positive sentiment around SUI. Grayscale’s involvement and public discussions by key figures enhance credibility and investor confidence.

If you missed the live broadcast with @EmanAbio and @Grayscale about Sui, watch the recording here: https://t.co/rjFUeRURVl

The continued bullish sentiment and robust performance, even during critical events like unlocking days. It indicated strong market trust and potential for future growth.

Can SUI Price Go Beyond $2?

SUI token has had a robust Q3, with its price nearing $1.92 intraday. The momentum suggested it is poised for another push to break the $2 mark.

This seems achievable as both spot and derivatives markets metrics show optimism.

In the spot market, strong liquidity indicates high demand. While in the derivatives market, funding rates, open interest, and short liquidations all favor a bullish outlook.

The targets to watch are $1.95 and $2.18, which need to be surpassed for a more impressive rally.

However, if SUI fails to break through the $1.95-$2.00 zone, a sell-off could be triggered. Investors should conduct their own research (DYOR) and avoid fear of missing out (FOMO) at this stage.