On September 12, the price of Sui (SUI) surged by 13%, reaching $1.02. This uptick is part of a broader recovery that began on September 3, resulting in a remarkable 27% increase over the past week.
According to data from Cointelegraph Markets Pro and TradingView, SUI experienced a rise from a low of $0.9274 on September 12, peaking at an intraday high of $1.07, marking a 15% increase.
SUI/USD daily chart. Source: TradingView
In the same timeframe, the overall cryptocurrency market capitalization increased by 1.15%, bringing it to $2.02 trillion. Consequently, SUI emerged as the top performer among the 100 largest cryptocurrencies by market cap in the last 24 hours.
Top gainers Sept. 12. Source: CoinMarketCap
“SUI’s recent price rally has allowed it to outshine the wider market,” noted crypto commentator Crypto Banter in a post on X on September 12.
On that same day, Grayscale made headlines by announcing the launch of the Grayscale SUI Trust, which allows accredited investors to gain exposure to SUI. The trust is now open for all eligible investors.
Source: Grayscale
The US-based digital asset management firm explained that the Grayscale SUI Trust operates similarly to its other single-asset investment trusts, exclusively investing in the token associated with the SUI layer-1 blockchain.
With over $711 million in total value locked (TVL), Sui remains one of the top 30 layer-1 blockchains, according to DefiLlama. The following chart indicates that SUI’s TVL has more than doubled over the past month, climbing by 107.5% from August 5 to September 12.
TVL on Sui network. Source: DefiLlama
Key protocols contributing to SUI’s rising TVL include Cetus, a decentralized exchange (DEX) boasting a TVL of $121 million, which has seen a 22% increase over the last month; Navi Protocol with a TVL of $261 million; Scallop Lend at $117.75 million; DeepBook at $29.31 million; and FlowX Finance at $15.78 million.
A growing TVL often indicates heightened user engagement and bolstered confidence in the network. This can, in turn, escalate demand for the native token and push its price upward.
Related: Grayscale to launch US XRP trust, paving the way for potential ETF
Traders set ambitious targets for SUI price
“SUI is demonstrating resilience as it nears a crucial resistance level,” stated pseudonymous analyst Cryptorphic in their latest analysis on X.
Cryptorphic was alluding to the $1.025 mark, which has been tested twice recently. Their analysis suggests that breaking through this level could “unlock significant upside potential, with a target set at the upper boundary of the rising channel around $2.58.”
Meanwhile, fellow analyst Bmoon has set an even more ambitious price target for SUI, forecasting it could reach $3.60 by the last quarter of 2024.
“$SUI’s target for Q4 is $3.60. I’ve been bullish on @SuiNetwork for several weeks, and it continues to impress me with its price stability. The #DeFi scene on Sui is also thriving.”
SUI/USD weekly chart. Source: Bmoon
This article does not provide investment advice or recommendations. All investment and trading activities involve risks, and readers are encouraged to conduct their own research before making any financial decisions.