SUI Price Inches Closer to All-Time High as TVL Surges Towards $1 Billion
SUI’s Bullish Momentum Continues: TVL Nears $1 Billion
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SUI, the Layer-1 blockchain, has been making waves in the crypto market, experiencing a remarkable 120% surge since early September. This rapid price appreciation has captured the attention of investors and analysts alike, with data from DefiLlama showing SUI’s Total Value Locked (TVL) approaching the $1 billion milestone. This growth in TVL fuels speculation that SUI could be on the verge of a new all-time high, fueled by its expanding ecosystem and increasing adoption.
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Currently, SUI is testing a crucial resistance level. If breached, it could trigger a surge in price, potentially challenging its previous all-time high of $2.18. As market conditions continue to evolve and the decentralized finance (DeFi) landscape grows, many are closely monitoring SUI for its potential to spearhead the next altcoin rally.
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SUI’s Rising TVL: A Sign of Growing Demand
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SUI has sparked a wave of optimism among investors and traders who view the Layer-1 blockchain as a potential frontrunner in the ongoing bull run. Key metrics and insights from analysts point to growing interest in SUI, driven by both retail investors and institutions, propelling its price upward.
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On August 5, amidst a broader market crash, SUI’s TVL plummeted to $342 million. However, since then, the blockchain has mounted an impressive recovery, with its TVL nearly tripling to $885 million, according to data from DeFiLlama. TVL is a crucial metric that reflects the total dollar value of assets staked or locked within a protocol. A decrease in TVL indicates liquidity being withdrawn, while an increase, like SUI’s 40% surge over the past 30 days, signals growing trust in the project and a healthier ecosystem. This sharp increase in TVL is a positive sign, suggesting that SUI’s network is attracting more liquidity and usage.
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Currently, SUI’s price is just 40% below its all-time high, creating an ideal setup for bulls who believe the project is poised for explosive growth. Many anticipate that SUI could be one of the breakout stars of this cycle, as its ecosystem continues to expand and investor confidence strengthens.
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Technical Levels to Watch
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SUI is currently trading at $1.55 after a massive 60% rally since last Tuesday, showcasing strong momentum in the market. The price has risen with increasing volume, consolidating just below a key supply level—a sign of strength and confirmation of a bullish trend. Bulls must maintain SUI above $1.40 to sustain momentum. Once a supply zone, this level may now act as a new demand zone.
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Consolidating above $1.40 could drive the price to higher levels, specifically toward $1.71. Reclaiming $1.71, a crucial supply zone, would position SUI to challenge its all-time high. Breaking through this level would set the stage for further price appreciation and possibly a new ATH.
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A deeper correction is possible if SUI loses its current price levels. Lower demand zones around $1.25 or even $1.17 might provide support. This would slow the rally, but the overall bullish outlook remains intact if the price stays within these key levels.
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Featured image from Dall-E, chart from TradingView