SUI Surpasses $1.36 Billion TVL: Can Key Support at $2.21 Sustain its Bullish Momentum?

SUI TVL Hits Record High of $1.36 Billion

SUI, a Layer 1 blockchain, has hit a significant milestone, with its Total Value Locked (TVL) reaching an all-time high of $1.36 billion. 

TVL is a crucial metric that shows the total amount of assets staked or locked in a blockchain’s smart contracts. A higher TVL typically indicates growing adoption and increasing investor confidence in the platform.

Since reaching $1 billion in TVL on September 30, SUI has continued its upward climb, attracting more users and capital. This trend has accelerated over the last few days, pushing the TVL to new highs. 

SUI’s growing adoption in the decentralized finance (DeFi) space has helped boost its TVL. More users are staking their assets and engaging with its ecosystem, further solidifying SUI’s position in the market. 

Bullish Indicators Suggest Strong Market Demand

In addition to the TVL increase, SUI’s technical indicators signal strong buying interest. 

The BBTrend, a momentum indicator based on Bollinger Bands, has remained positive for three consecutive days. This indicates a steady buildup of bullish momentum, which has supported the price surge.

On November 10, SUI’s BBTrend reached a peak of 19.17 before slightly declining. However, it rebounded, currently sitting at -12.95. The subsequent decline suggests a temporary slowdown in the bullish momentum. 

The BBTrend is a key indicator that helps assess the strength and direction of an asset’s price movement. 

Another important indicator is the alignment of SUI’s Exponential Moving Averages (EMA). The EMA lines show a bullish trend, further supporting the idea that SUI’s price could continue rising. 

The alignment of these averages indicates that buyers are outpacing sellers, which could push the price higher in the near future. The bullish indicators suggest that SUI could continue its upward trajectory if these trends persist. 

SUI Price Surges to New All-Time High of $3.27

In the past week, SUI has experienced an impressive rally, with its price climbing by over 59.46%. 

According to Tradingview, on November 11, SUI hit a new all-time high of $3.27, fueled by rising investor confidence. However, the market is not without risks. If the current uptrend slows, SUI could face a correction. 

The nearest key support level is at $2.21, which could act as a safety net if the price starts to drop. Should this support fail, SUI may face a more significant decline, potentially falling to $1.96, representing a 37.9% decrease from its current level.

Despite the risks, SUI’s price surge has captured the attention of investors. Its robust performance has placed it among the top cryptocurrencies, ranking #14 in the market. 

Will SUI Hit $5 in 2024?

As SUI continues to rise, trades are optimistic about its future potential. The chart above suggests that SUI could soon reach $4 if the bullish momentum continues. 

With rising investor interest and strong market support, the possibility of SUI reaching $5 in 2024 is not out of the question.

Overall, SUI’s recent performance has been remarkable. Its TVL increase, positive technical indicators, and strong price momentum all point to a bright future for the blockchain. 

Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

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