SUI has experienced an impressive increase of over 160% since the beginning of September, with its price now hovering around $2. This remarkable recovery has left analysts and investors highly optimistic about the future of layer 1 blockchain. From price, SUI is showing strong growth across key metrics, signaling increasing adoption and usage.
According to data from DefiLlama, SUI’s total value locked (TVL) has reached new highs, indicating robust demand for its decentralized finance (DeFi) ecosystem. The TVL increase highlights growing interest from users and developers, further increasing confidence in SUI’s long-term potential.
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The price increase is not only driven by market sentiment, but is supported by tangible growth in the platform’s fundamentals. With increasing TVL and user engagement, the positive outlook for SUI continues to grow. Investors are now eyeing higher price targets as they anticipate further growth for the layer 1 blockchain in the coming weeks.
As SUI pushes to higher levels, its performance reflects both strong market support and the underlying growth of the network, making it one of the most talked about projects in the crypto space.
SUI TVL signals rally underway
SUI is currently testing a crucial supply level around the $2 mark, a psychological barrier that, once overcome, could pave the way for a rally to new highs.
Analysts are watching this level closely as breaking it would likely trigger a strong move higher. DefiLlama on-chain data supports this optimism, revealing that SUI’s total locked value (TVL) reached an all-time high of $1.07 billion. This marks a notable 65% increase in TVL over the past 30 days, signaling growing confidence in the platform’s usefulness and long-term potential.
The increase in TVL is a positive result for SUI coin as it reflects the growing adoption of the Sui ecosystem. As more value flows into the network, demand for SUI tokens will likely increase, creating upward pressure on its price. Investors often view rising TVL as a bullish sign, suggesting that the platform is gaining traction and trust among users.
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If these positive trends in TVL and overall network activity continue, a rise above SUI’s previous record high of $2.16 seems likely in the coming weeks. As momentum builds, many expect SUI to see additional gains, reinforcing its position as a leading layer-1 blockchain.
Price Action: Liquidity Levels to Watch
SUI is currently trading at $1.89, just 15% off its all-time high of $2.18. Recent price action has been promising, with an 8% increase in the last few hours. Many analysts believe that if SUI manages to surpass the critical $2 level, the chances of reaching new all-time highs are very high. This psychological barrier could trigger a wave of buying pressure, pushing the price to new levels.
However, some investors are cautious, hoping for a healthy correction before a further upward move. If SUI does not breach the $2 mark, a pullback to support levels around $1.60, or even $1.45, would not be unexpected. Such a correction could provide a solid foundation for the next leg higher, allowing SUI to gain momentum before attempting to break above $2 resistance again.
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Despite this, general sentiment remains optimistic, with many investors expecting a new all-time high soon. SUI’s recent performance and market dynamics suggest that the next few days will be crucial in determining its next move.
Featured image of Dall-E, TradingView chart
