Sui (SUI) is positioned to reclaim its all-time high of $2.16 in October due to a series of significant milestones achieved in the past month.
The recent surge in Sui's Total Value Locked (TVL) is a key factor behind the optimistic outlook for SUI. Currently standing at $1.07 billion, Sui's DeFi TVL has seen a remarkable 65% increase over the last 30 days.
The increase in TVL indicates growing confidence in Sui's utility, which can lead to upward pressure on the coin's price. As more value enters the network, it attracts additional buyers, potentially resulting in price appreciation for SUI.
Furthermore, Sui's TVL is expected to continue rising with the upcoming mainnet launch of the Sui Bridge. This new feature facilitates secure asset transfers between the Ethereum and Sui networks, promising to enhance liquidity and attract new users.
Data from Artemis reveals that daily active addresses on the Sui network have soared by 140% in the past month. This spike in unique addresses completing transactions suggests heightened demand for SUI, reinforcing the bullish sentiment surrounding the coin.
Supporting this bullish outlook is the rising open interest in SUI, which has reached $750 million, the highest level since January. Open interest measures outstanding derivative contracts and a rise usually indicates new capital entering the market.
If the current buying momentum persists, SUI is likely to reclaim its all-time high of $2.18. Fibonacci Retracement analysis shows that this target is achievable as SUI has broken through key resistance levels.
Conversely, if selling pressure increases, SUI's price could dip toward $1.11, and failure to maintain this level might lead to a further decline to $0.86.
