SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion
September 24 2024 - 2:30PM
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SUI has recently emerged as one of the top-performing altcoins,
posting an impressive 120% surge since early September. This
rapid price increase has captured the attention of both investors
and analysts, as data from DefiLlama reveals that SUI’s Total Value
Locked (TVL) is approaching the $1 billion mark. The rising TVL has
fueled speculation that SUI could be on the brink of reaching a new
all-time high, with many pointing to its growing ecosystem and
increasing adoption as key factors driving its momentum. Related
Reading: XRP $0.60 Triangle Breakout Could Ignite Parabolic Rally –
Key Levels To Watch Currently, SUI is testing a critical resistance
level, which, if broken, could trigger a surge in price that may
challenge its all-time high of $2.18. As market conditions continue
to evolve and interest in decentralized finance grows, many are
watching SUI closely for its potential to lead the next altcoin
rally. Should the resistance hold, the price may consolidate
before making a stronger push higher. However, if bulls
breakthrough, it could set the stage for a significant upward
movement, positioning SUI as a standout performer in the crypto
space. SUI Rising TVL Suggests Growing Demand SUI has ignited
a wave of optimism among investors and traders who view the Layer-1
blockchain as poised to become one of the biggest winners in the
ongoing bull run. Key metrics and insights from analysts reveal a
growing interest in SUI, driven not only by retail investors but
also by institutions pushing its price higher. On August 5,
during a broader market crash, SUI’s Total Value Locked (TVL)
plummeted to $342 million. However, since then, the blockchain has
staged an impressive recovery, with its TVL surging nearly
threefold to $885 million, according to data from DeFiLlama. TVL is
a critical metric that reflects the total dollar value of assets
staked or locked within a protocol. A decrease in TVL indicates
liquidity is being withdrawn, while an increase, such as SUI’s 40%
rise 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. Related Reading: Crypto Analyst Predicts Dogecoin Will
Surge 1,000% Past ATH – Price Targets Revealed Currently, the price
of SUI is just 40% below its all-time high, creating an ideal setup
for bulls who believe this 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. Technical Levels To Watch SUI is now trading at $1.55
after a massive 60% rally since last Tuesday, showing strong
momentum in the market. The price has increased with increasing
volume, consolidating just below a key supply level—a sign of
strength and confirmation of a bullish trend. Bulls must keep SUI
above $1.40 to sustain momentum. Once a supply zone, this level may
now act as a new demand zone. 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. Related Reading:
Bitcoin Indicator Signals ‘Shift To Bullish Territory’ – Can BTC
Break Past $65,000? 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. Featured image from Dall-E, chart from
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