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SUI has recently emerged as one of the best performing altcoins, posting an impressive surge of 120% since the beginning of September.
This rapid price increase has caught the attention of both investors and analysts, as data from DefiLlama reveals that SUI’s Total Locked Value (TVL) is approaching the $1 billion mark.
Rising TVL has fueled speculation that SUI could hit a new high, with many pointing to its growing ecosystem and increased acquisitions as key factors driving its momentum.
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Currently, the SUI is testing a critical resistance level, which, if broken, will trigger a price rally that could challenge its all-time high of $2.18. As market conditions continue to change and interest in decentralized finance grows, many are watching SUI closely to lead the next altcoin rally.
If resistance holds, the price may consolidate before making a strong push higher. However, if the bulls succeed, they could set the stage for a significant upward movement, positioning SUI as a dominant player in the crypto space.
SUI Rising TVL Suggests Rising Demand
SUI has sparked a wave of optimism among investors and traders who view the Layer-1 blockchain as poised to be one of the biggest winners in the ongoing bull run.
Key metrics and insights from analysts reveal growing interest in SUI, driven not only by retail investors but also by institutions pushing its value.
On August 5, amid a broader market crash, SUI’s Total Value Locked (TVL) dropped to $342 million. However, since then, the blockchain has made an impressive recovery, with its TVL nearly tripling to $885 million, according to data from DeFiLlama.
TVL is an important metric that shows the total dollar value of assets that are staked or locked within the protocol. A decrease in TVL indicates that funds are being withdrawn, while an increase, such as a 40% increase in SUI over the past 30 days, indicates growing project confidence and a healthy ecosystem.
This sharp increase in TVL is a positive sign, suggesting that the SUI network is attracting more liquidity and usage.
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Currently, the price of SUI is just under 40% below its all-time high, which creates an ideal setup for bulls who believe the project is poised for explosive growth. Many expect SUI to be one of the rising stars of this cycle, as its ecosystem continues to grow and investor confidence strengthens.
Technical Levels to Watch
SUI is now trading at $1.55 after a massive 60% rally since last Tuesday, indicating strong momentum in the market. The price has risen on increasing volume, closing just below a key supply level—a sign of strength and confirmation of a bullish trend. Bulls need to keep SUI above $1.40 to continue momentum. Once in the supply zone, this level may now serve as the new demand zone.
A rally above $1.40 could take the price to higher levels, especially at $1.71. Recapturing $1.71, a key supply area, will challenge the SUI very much. Exceeding this level will set the stage for a price increase and a new ATH.
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A deep correction is possible if the SUI loses current price levels. Low demand areas around $1.25 or even $1.17 could provide support. This will 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 TradingView