Key Insights:
- SUI price jumps 60% as TVL increases to $1.645B.
- DEXs volume for $SUI hits $599M, up 177% in 24h.
- Stablecoins on the Sui blockchain rise 82% in just two months.
The $SUI token has experienced a notable surge of 60% in the past week, fueled by significant increases in Total Value Locked (TVL) and DEX volume. As $SUI continues to gain traction, it appears that the blockchain is benefiting from growing adoption and increasing activity across decentralized finance (DeFi) and related sectors.
Surge in TVL and DEX Volume
The recent surge in $SUI’s price comes alongside an impressive 38% increase in TVL. This jump has pushed the TVL of the SUI blockchain to $1.645 billion. Such an increase in TVL demonstrates the growing trust and participation in the SUI blockchain ecosystem, which is particularly attractive for DeFi protocols.
Along with the surge in TVL, the DEX volume for SUI has also experienced a remarkable increase. In the past 24 hours, the volume has risen by 177%, reaching $599 million. This sharp rise indicates higher user engagement and more trading activity, signaling that the market sentiment surrounding $SUI is strengthening. This surge in volume indicates that more users are utilizing decentralized exchanges (DEXs) to trade $SUI, further contributing to its overall growth.
In addition to the surge in TVL and DEX volume, the stablecoin market on the SUI blockchain has also seen growth. Stablecoins on SUI have grown by 82% over the past two months, rising from $482 million to $879 million. This indicates a rising demand for stable assets within the SUI ecosystem and may indicate increased investor confidence in the network’s long-term prospects.
$SUI Price Breakout: Positive Market Sentiment
Market analyst CryptoFaibik noted that SUI has broken out of a descending channel, historically used as a resistance barrier. Such breakouts often signal changes in market sentiment and suggest continued price increases.
The price of $SUI jumped by 60% following its channel breakout which proved its robust bullish market position. The analyst provided a target price range for $SUI to show potential rise in case the current momentum remains consistent. Market sentiment shows positive signs since the upward movement in the chart suggests additional price rises might occur.
SUI Bullish Outlook: Hidden Divergence Signals $7.00 Target
The confirmation of SUI Hidden Bullish Divergence indicates that this asset continues toward an upward trajectory. The research by JavonTM1 demonstrates SUI could rise by 45% until reaching $5.26. Even with lowered prices the divergence shows accelerating strength which indicates that a price turn toward an upward move is coming.
SUI price started a new price increase after its resistance level break resulting in the commencement of an upward trend. The rising buying pressure in the market proves bullish through the RSI metric. The continuous upward price movement establishes $SUI for successful price growth during the approaching months.
Market analyst FriedrichBtc presents a similar optimistic view regarding $SUI. According to his analysis $SUI has transitioned to bullish territory following its descent from a descending wedge pattern until the price reached $3.36 above $2.50. The price increase after the breakout confirms the ascending trend which indicates upcoming positive market movement.
According to FriedrichBtc, the next price target for $SUI is $7.00, indicating strong recovery potential and a sustained bullish bias across broader timeframes.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.