Sui Price Prediction: How Rapid TVL Rise Could Supercharge SUI To $5

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SUI

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.

SUI
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.

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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.

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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.

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
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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.