Sui (SUI) has experienced a significant uptick in its market value following a recent recovery from the lower boundary of a downward-facing channel. The Layer 1 blockchain’s valuation is now approaching a new all-time high, fueled by both a sharp increase in its price and a substantial rise in its total value locked (TVL).
Sui Price Eyes All-Time High Amid Market Rally
Sui price has seen significant fluctuations over the past 24 hours, indicating a volatile market environment. At the time of writing, the SUI price hovered at $1.74, making a surge of 2.98%. According to CoinMarketCap data, the trading volume has surged by 103.21%, indicating heightened investor interest and market activity.
This increase in trading volume, coupled with a positive change in price, suggests a bullish sentiment among traders and potentially positive developments within the Sui network. The current market capitalization of Sui stands at approximately $4.67 billion, positioning it as the 21st largest cryptocurrency in terms of market cap.
Over the past week, the layer 1 blockchain token, SUI, has seen a notable increase of 14.41%. This uptick comes amidst a fluctuating period for cryptocurrencies, with SUI experiencing a weekly high of $1.84 and a low of $1.68. Despite a 20.65% decline from its all-time high of $2.18 recorded six months ago, the token has achieved substantial growth from its all-time low of $0.3643 a year ago, marking a 374.21% increase.
SUI Sees Major Surge in TVL
Sui has achieved a significant milestone in its financial growth, with its Total Value Locked (TVL) soaring to an impressive $1.03 billion as of September 29. This represents a near quintuple increase since the year’s commencement, placing Sui’s TVL at the eighth position globally. It now surpasses Polygon’s TVL and is just short of catching up to Avalanche, which stands at $1.11 billion.
🚨 BREAKING 🚨 Sui has achieved $ 1️⃣,0️⃣ 0️⃣ 0️⃣,0️⃣ 0️⃣ 0️⃣,0️⃣ 0️⃣ 0️⃣ in Total Value Locked in less than two years since Mainnet launch!!
It's all thanks to the Sui community, projects, products, and builders for getting us to this achievement!
And #Suitember is still going strong 💪 pic.twitter.com/sW4QcnGG3B
— Sui (@SuiNetwork) September 29, 2024
The surge in TVL is attributed to contributions from leading protocols such as NAVI, Cetus, and Suilend, which hold the highest TVLs at $370 million, $174 million, and $170 million, respectively.
This growth spurt in Sui’s financial ecosystem has also been mirrored by a rise in its market price, which has been particularly noticeable since August. After overcoming a significant resistance level, the question is whether Sui can maintain this momentum and set a new record-high price. The community watches keenly, hopeful, and expectant of Sui’s next financial phase.
How High Can SUI Price Go?
The Sui cryptocurrency is currently experiencing a strong upward trajectory, with its total value locked showing significant increases. Currently, it faces significant resistance at the $2 level. If it breaks through, Sui’s price could climb to $2.18, potentially setting a new all-time high. Such a breakthrough might pave the way for the price to exceed $3, indicating continued bullish momentum in the near future.
Conversely, if the momentum shifts to the sellers, Sui could retract to a $1.7 support level. A further dip in market confidence might push it down to $1.6, marking a bearish trend and highlighting increased market skepticism.
The daily technical indicators for SUI price show significant upward momentum. The Relative Strength Index (RSI), currently at 75, suggests that the asset is in overbought territory, Meanwhile, the Moving Average Convergence Divergence (MACD) indicates growing bullish sentiment. The MACD line remains above the signal line, and histogram bars are increasing, typically suggesting strong upward momentum.