- Summary:
- SUI coin price has risen by more than 140 percent in the last month, and its key metrics favour further gains despite the recent token unlock.
Sui coin price stayed near six-month highs on Tuesday as its token unlock event stimulated a positive sentiment in a crypto market facing headwinds. SUI was up by 5 percent and traded at $1.841 at the time of writing, bringing its gains in the last month to 142 percent. The SUI token unlock event should have typically led to a price decline, but Sui’s contrarian trajectory points to the strong bullish sentiment around it.
The Sui project unlocked 64.19 million SUI tokens on October 1, increasing the circulating supply by 2.4 percent. SUI has a total supply of 10 billion tokens, out of which 27 percent are already unlocked and in circulation. Monday’s unlock event did not trigger bearishness in the midst of a prevailing market-wide downturn, as Sui’s fundamentals show strength.
SUI coin price traces its recent uptrend to its inclusion in the Grayscale Investment Trust on September 11. It has since gone on to build a strong momentum reverberating the DeFi market. As of this writing, the Sui DeFi ecosystem has recorded a 71 percent growth in its Total Value Locked (TVL), outperforming all the top 20 DeFi blockchains.
Sui implemented the Mysticeti consensus upgrade in late July, improving settlement time to 390 milliseconds. In addition, it achieved a 640 millisecond finality. With fast transaction speeds and reduced congestion, Sui has vastly improved its efficiency, making it an attractive blockchain ecosystem. As of this writing, SUI token open interest is up by $418 million in the last 24 hours, signaling a potential continuation of the upside.
Sui coin price forecast
The SUI coin price will likely continue to the upside if the action stays above 1.800. With the upward momentum in play, the first barrier could come at 1.863. However, if the momentum manages to change that mark to a support level, it could clear the path to rise further to the second resistance at 1.915.
On the downside, a move below 1.800 could favour the sellers to take control, with the first support likely to be at 1.736. On further bearish push, the momentum could breach that level to invalidate the bullish narrative and test 1.673.
