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Sui (SUI) has recently experienced a notable surge, with its price increasing by 13% in a single day to reach $1.02 as of September 12. This rise is part of a broader rebound that began on September 3, with {Sui} (SUI) climbing more than 27% over the past week.
Data from Cointelegraph Markets Pro and TradingView shows that SUI’s price climbed from a low of $0.9274 on September 12 to an intraday high of $1.07, marking a 15% increase. In contrast, the total {crypto} currency market capitalization has only risen by 1.15%, reaching $2.02 trillion. This puts SUI at the forefront of performance among the top 100 cryptocurrencies by market capitalization.
A significant factor behind SUI’s recent momentum appears to be the launch of the Grayscale SUI Trust. Announced on September 12, this new investment vehicle allows accredited investors to gain exposure to SUI. Grayscale’s SUI Trust functions similarly to the firm's other single-asset investment trusts, tracking the SUI market price, less fees and expenses.
Sui’s recent performance is further supported by a substantial increase in its total value locked (TVL), which has more than doubled over the past month, climbing by 107.5% from August 5 to September 12. Currently, Sui is among the top 30 layer-1 blockchains with over $711 million in TVL. Key contributors to this rise include protocols such as Cetus, a decentralized exchange with a TVL of $121 million, Navi Protocol with $261 million, and Scallop Lend with $117.75 million.
The growth in TVL suggests heightened user engagement and confidence in the Sui network, which in turn can drive demand for the SUI token. Some traders are eyeing a critical resistance level of $1.025 for SUI, noting that a breakout above this point could lead to further gains. Predictions for SUI’s future performance vary, with some suggesting it could reach as high as $3.60 by the end of 2024.
As Sui continues to gain traction, its strong performance and expanding network capabilities are likely to keep it in the spotlight within the cryptocurrency community.
