The SUI crypto token continues to dominate the 1st-page cryptocurrencies by outperforming every single project in terms of monthly return. Notably, the altcoin is currently trading at a discount of only 29.82% from its ATH, indicating increased price action.
Further, by offering a unique DeFi protocol that enables lending and derivatives, this altcoin has taken over the DeFi market by storm. Moreover, it has recorded a 6X surge in its TVL from around $210 million to over $1.3 billion within 264 days.
With a jump of ~13% within the past day and a trading volume of $810.014 million, it is heading toward its 6-month high of $1.6. Notably, it has surged 54.36% over the past seven days and 80.81% during the past 30 days. Moreover, it has rewarded its long-term investors with a 2X return this year.
With its recent price surge, it has successfully breached its resistance trendline of the rising channel pattern. On the other hand, its EMA 50/200-day indicator is on the verge of recording a Golden Cross. This indicates a bullish outlook for the altcoin in the market.
With a 24-hour volume of $76.38 million, the Sui token’s Total Value Locked (TVL) has recorded a new all-time high of $1.317 billion. With a total market cap of $4.022 billion, this altcoin has a ~33% lock. This highlights a strong bullish perspective among its investors.
Notably, the TVL of SUI has recorded a significant drop between May and August. However, with the increased adoption and increasing trust of investors, it rose from $611.37 million to $1.317 billion within 47 days.
Breaking out of its resistance level of $1.60 could set the stage for the Sui coin price to test its upper level of $1.90. Furthermore, if the bullish sentiment intensifies, this altcoin could head toward its upper high of $2.18 during the coming time.
On the flip side, if the bears regain momentum, the Sui crypto could retest its support level of $1.29. Moreover, if the bears continue gaining momentum, it could retest its lower support level of $1.
Concerned about Sui’s long-term price targets? Read our SUI Price Prediction 2024 – 2030!
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