Sui, the proprietary token of the Sui blockchain, has recently witnessed a remarkable growth spurt. Over just four days, SUI’s value escalated from $0.79 to $1.33, representing a 50% increase. The momentum continued as the token experienced a 21% jump in the past 24 hours alone.
Source: Tradingview
This surge in Sui’s value is mirrored by a significant rise in its trading volume. This trend suggests that major investors are injecting capital, anticipating further growth. The token’s breakthrough past the $1 mark, backed by substantial trade volumes, enhances its breakout’s credibility and suggests a potential stabilization at these elevated prices.
Sui’s Remarkable Market Performance
Sui has recently emerged from a period of limited price fluctuation, trading between $0.6876 and $0.9250. This phase ended when buyers stepped in vigorously, pushing the price past the upper limit of this range. Currently, the $0.9250 mark has established itself as a solid support base. As of this writing, Sui price is at $1.33, with a growing bullish sentiment evident on the daily charts.
SUI’s price trajectory is primed for a rally, possibly reaching the $2 mark soon. Maintaining current momentum could break the $5 resistance level. Price stability above the 50-day EMA signals ongoing buyer interest, hinting at more gains. Any downward movement will likely find strong support at the EMA, sustaining the bullish trend.
TVL Growth and Technical Indicators Fuels Optimism
Sui, a smart contract platform space contender, is experiencing a meteoric rise. The platform’s Total Value Locked (TVL) has reached unprecedented levels. In a recent update, the Sui Network, a layer-1 blockchain, announced a 500% increase in TVL over the past three months. This surge is even more impressive over six months, with a 1350% increase.
Today, Sui’s TVL blew past $250,000,000, and currently sits at $263M!
Last week, Sui TVL hit $225M. That’s:
+85% in 1 month
+500% in 3 months
+1350% in 6 monthsDeFi on Sui 💪 pic.twitter.com/n5mKc3fiHL
— Sui (@SuiNetwork) January 11, 2024
Current figures from the market analysis tool Defi Llama show Sui’s TVL at an impressive $297.9 million. This significant growth in TVL has positively influenced Sui’s market value. The price of SUI has ascended above $1, indicating a bullish trend in the foreseeable future. This development marks a significant milestone for Sui, positioning it as a strong competitor in the blockchain sector.
SUI/USD daily price chart, Source: Tradingview
Sui’s market indicators are showing encouraging signs for its future. The Moving Average Convergence Divergence (MACD) has undergone a notable positive crossover. Additionally, a green bar on the histogram suggests a continuing bullish trend. The Relative Strength Index (RSI) touching 70 there’s an indication of the asset being overbought. The Chaikin Money Flow (CMF) stands at 0.29, highlighting strong buying activity in the market.
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