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Sui Blockchain‘s native asset SUI has recently made a notable growth. The altcoin surged by 50% in just four days, rising from $0.79 to $1.33. Moreover, an additional 21% jump in the last 24 hours continues to fuel expectations for the altcoin’s rise.
Extraordinary Price Performance of Sui’s SUI
The rise in SUI’s price particularly occurred in parallel with a significant increase in trading volume. This trend is quite important as it indicates that major investors are injecting capital into the altcoin with expectations of further growth. SUI’s surpassing the $1 level with significant trading volumes increases the reliability of the bullish breakout.
SUI had been consolidating within a limited price range between $0.6876 and $0.9250 and has now broken above this region’s upper boundary with strong buyer entry. Currently, the $0.9250 level stands as a strong support level.
The altcoin’s price trajectory signals a “ready for a sustainable rally,” and analysts expect it to reach the $2 level soon. Maintaining the current momentum could also break the resistance level at $5. Indeed, the price finding persistence above the 50-day EMA indicates continued buyer interest, pointing to further gains. In any downward movement, the price is expected to find support at the EMA and continue the upward trend.
TVL Growth and Technical Indicators Feed Optimism
Sui, a significant player in the smart contract platform space, is facing meteoric growth. The total value locked (TVL) in the protocol recently reached unprecedented levels. A recent update reported that the Layer 1 network’s TVL increased by 500% in the last three months, and over the past six months, this increase rate reached 1350%.
Current figures from the market analysis tool DefiLlama show that Sui’s TVL is at an impressive level of $297.9 million. This significant growth in TVL, as expected, positively affects Sui’s market value. SUI’s price exceeding $1 indicates a continued upward trend in the foreseeable future. This development corresponds to a significant milestone for Sui and positions it as a strong competitor in the Blockchain sector.
On the other hand, technical indicators are also showing encouraging signs for Sui. The Moving Average Convergence Divergence (MACD) indicator made a notable positive crossover. Additionally, the green bars in the histogram indicate that the upward trend is continuing. While the Relative Strength Index‘s (RSI) touching the 70 level is an indicator of the asset being overbought, the Chaikin Money Flow (CMF) is at 0.29, pointing to strong buying activity in the market.
