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Sui has surged more than 20% in 24 hours to reach its highest price level in six months, amid positive news from crypto exchange Bybit.
Bybit announced support for Sui (SUI) as a native ecosystem pool token on Oct. 7, coinciding with the token’s value skyrocketing.
Bybit Launchpool adds support for SUI
The market was looking bullish ahead of a busy week in the macroeconomic environment. Weak hands also appear to have exited amid last week’s sell-off related to geopolitical events.
For Sui, part of the upside may be attributed to Bybit expanding its ecosystem token pools by adding SUI. Sui on Bybit Launchpool offers the first mining pool for a token not within the Mantle ecosystem.
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 also continued higher after a recent dip as Bitcoin (BTC) traded to above $63,700 and Ethereum (ETH) reclaimed $2,480.
Notably, Sui price has traded higher since bottoming around $0.53 on Aug. 6. In recent weeks, this has coincided with a sharp increase in total value locked. DeFiLlama data showed SUI TVL reached $1.58 billion, which makes it currently the 9th largest chain by TVL.
In terms of price, bulls managed to break above $2 during the U.S. trading session on Oct. 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.