SUI Price in Buying Zone: Can TVL And BTC Staking Lead To A Rally?

• Sui Network declared that Bitcoin staking would now be possible on SUI.
• In November, the trading volume of Sui Network coin reached $50 billion.
• In November, Sui Network’s total value locked increased by 55%.

The current crypto market sentiment is bullish. Moreover, all altcoins and Bitcoin have displayed a bull run in November. The Sui (SUI) crypto trading volume touched the milestone of $50 Billion.

That demonstrated the peak in cryptocurrency activity until now. The activity indicated that investors’ interest in the SUI ecosystem has increased. The SUI price has also recorded an all-time high (ATH) of $3.48 this month.

Since September, bulls’ domination has been seen, and the SUI coin price has surged by more than 300%. In October, the SUI price underwent an accumulation phase and managed to defend a crucial level of $1.60.

Strong buying pressure was received from the beginning of November, and the price rallied. This rally was disturbed near the $4 mark and showed mild correction per the chart structure.

SUI Coin Observed Aggressive Volume Surge

SUI crypto‘s trading volume has continuously witnessed an increase. This advance has suggested that the token is becoming more widely used and adopted.

The steady rise through 2024 suggested a deeper interaction with SUI. Noteworthy advancements like new strategic alliances and integrations with important trading platforms probably prompted that.

The recent protocol upgrade and expansion of the SUI coin utility could be responsible for this unexpected change in volume. This noteworthy increase in volume highlighted the crypto’s expanding impact and potential as a profitable investment.

SUI Price Technical Analysis Over 1-D Timeframe

When writing, the SUI price was trading at $3.22 with an intraday gain of 1.14%. Its market value was $9.16 Billion, and the 24-hour trading volume was $1.45 Billion. For the past few weeks, the SUI coin price has declined slightly and has dropped to the 20-day EMA.

Suppose the price defends the 20-day EMA; it could trigger a pullback. It may record a new ATH if the price surpasses the last swing high. On the contrary, strong buying momentum can be seen if the trading volume supports this momentum.

Furthermore, sellers may dominate if the crypto asset price starts trading below the 20-day EMA. SUI price below 20-day EMA might create a buyer panic and generate a profit booking scenario. Here, profit booking would result in a bearish trend.

Sui Network Total Value Locked (TVL) Analysis

A notable increase in the Sui network’s activity and investments over November 2024 was witnessed. That hinted toward a noteworthy trend.

TVL increased moderately at the beginning of the month. However, the percentage change in locked value skyrocketed. That reached a startling 55.58% change at the end of the month.

With the TVL hitting $1.6 Billion, this increase suggested a significant influx of investments or token staking within the platform.

This massive increase indicated that the number of investors has increased. Moreover, the SUI price was expected to perform well. The chart’s overall growth trajectory suggested a bullish outlook for Sui.

Bitcoin Staking is now available on Sui Network

Sui has joined Lombard Finance and Babylon Labs to integrate Bitcoin liquidity and transform its ecosystem. Bitcoin holders can now stake their cryptocurrency directly on the Sui network.

Thanks to this strategic partnership, it will be natively minted into LBTC. Sui’s liquidity has significantly increased due to this initiative, which adds an estimated 1.9 trillion dollars.

Sui 🤝 @babylonlabs_io ➕ @Lombard_Finance

With our powers combined, we’re bringing Bitcoin liquidity to the Sui ecosystem.

That’s right, Bitcoin holders – you’ll soon be able to stake your BTC and receive $LBTC natively minted on Sui. 🤯

— Sui (@SuiNetwork) November 25, 2024

This development is anticipated to draw significant inflows from Bitcoin whales into Sui’s DeFi industry. This could increase the platform’s visibility and usefulness in the blockchain space.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.