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Sui Network has defied broader market sell-offs, with the SUI price approaching $2, driven by strong investor activity and expectation og new all-time high.
Key Notes
Sui's Total Value Locked (TVL) has surged by 65%, crossing $1 billion, positioning it ahead of Polygon.The open interest for SUI hit $750 million, its highest level since January, indicating increased trader interest.Despite concerns over token releases, analysts believe the gradual release won't impact short-term price action.Sui Network, the Layer-1 Solana-killer blockchain, has witnessed strong activity as investors push the SUI SUI $1.85 24h volatility: 3.0% Market cap: $5.08 B Vol. 24h: $1.47 B price up to $2.0 on Wednesday, defying the broader market selloff and altcoin crash. Despite the market volatility, SUI crypto has been making a move towards hitting a new all-time high above $2.07.
Over the past month, the Sui Network (SUI) cryptocurrency has emerged as a standout performer in the entire crypto space. Although there have been some recent concerns regarding the SUI token release, market analysts stated that it would be a gradual token release of the tokens won’t affect the short-term SUI price action.
According to market observers, nearly half of SUI’s token supply is locked until 2030, leaving significant potential for further gains. Following the launch of its mainnet, the SUI Foundation was quick to introduce the Sui Bridge. This helped to boost the connectivity between the Ethereum and Sui networks by allowing secure asset transfers. Furthermore, this new feature is also likely to attract new users and boost liquidity, fueling Sui’s continued growth.
During the last month of September, the SUI price surged by nearly 140% hitting a fresh six-month high. Bulls are not attempting to take SUI past its all-time high of $2.18. However, the altcoin has been encountering strong resistance at the $2 mark.
SUI DeFi TVL Crosses $1 Billion
Sui has recently hit a significant milestone, with its Total Value Locked (TVL) surpassing $1 billion, placing it ahead of Polygon in TVL rankings.
Data from DefiLlama shows Sui’s TVL at $1.07 billion, a remarkable 65% increase over the past month. This surge is seen as a strong signal of growing confidence in Sui’s potential and capabilities.
This rapid surge in the SUI Network TVL has been a positive indicator for the SUI crypto showing increased confidence in the platform’s utility. Additionally, more capital inflows into the Sui decentralized finance (DeFi) ecosystem will lead to upward pressure in the SUI price moving ahead.
Also, the open interest for the SUI coin on Wednesday surged to $750 million, reaching its highest level since January. This shows growing interest among traders and new capital flowing into the market.
🚨 THIS IS NOT A SHORT SIGNAL 🚨
🚀 $SUI has returned to $2, which is near the ATH of the last cycle. Typically, when the chart reaches the ATH, there is a short-term bounce back to a strong support level before breaking the ATH.
Remember this rule:
If it returns to ATH ->… pic.twitter.com/TdA4Z4gq4q
— Suipiens.sui 🦍💧 (@suipiens) October 3, 2024
Some market analysts believe that the SUI all-time high (ATH) won’t come immediately but investors need to have a bit more patience. If SUI bulls manage to return to the current all-time high of $2.18, it would lead to an immediate breakout. However, analyst says that the SUI price could see a pullback to $1.5 before resuming the uptrend.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
