🌎 Sui Skyrockets 20% to Six-Month High on Bybit Launchpool News

Sui Surges Over 20% in 24 Hours, Hits Six-Month High Amid Bybit News

Sui has experienced a significant price increase, surging more than 20% in the past 24 hours to reach its highest level in six months. This surge is largely attributed to positive news from the cryptocurrency exchange Bybit.

Bybit Launchpool Adds Support for SUI

On October 7, Bybit announced its support for Sui as a native ecosystem pool token. This announcement coincided with the token’s value skyrocketing. The market sentiment was bullish ahead of a busy week in the macroeconomic environment, and weak hands seemed to have exited following last week’s sell-off related to geopolitical events.

For Sui, part of the price increase can be attributed to Bybit expanding its ecosystem token pools by adding SUI. This marks the first mining pool for a token not within the Mantle ecosystem on Bybit Launchpool. Bybit also supports SUI staking and is one of the top-tier exchanges to list the Sui project NAVI.

Gains See SUI Outpace Leading Coins

SUI’s 20% rally in the past 24 hours follows a 115% surge in September. The token continued to rise even after a recent dip, as Bitcoin traded above $63,700 and Ethereum reclaimed $2,480. Notably, Sui’s price has been on an upward trend since bottoming around $0.53 on August 6. In recent weeks, this has coincided with a sharp increase in total value locked (TVL).

According to DeFiLlama data, SUI’s TVL reached $1.58 billion, making it the 9th largest chain by TVL. In terms of price, bulls managed to break above $2 during the U.S. trading session on October 7. The buying momentum saw it retest $2.09, with Sui being one of the biggest daily gainers alongside NEIRO and MOG tokens.

The last time SUI broke from below $2, it reached its all-time high of $2.17 on March 27, 2024.