Can SUI Break Past $2 Resistance? On-Chain Metrics Reveal Growing Demand
02 Octobre 2024 - 10:30PM
NEWSBTC
SUI has experienced an impressive surge of over 160% since the
start of September, with its price now hovering around $2. This
remarkable rally has analysts and investors highly optimistic about
the future of the layer-1 blockchain. Beyond its soaring 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 all-time highs, indicating a
robust demand for its decentralized finance (DeFi) ecosystem. The
rising TVL highlights a growing interest from users and developers,
further boosting confidence in SUI’s long-term potential. Related
Reading: Solana (SOL) ‘Could Go Parabolic’ Once It Breaks $200
Resistance – Analyst The price surge is not just driven by market
sentiment but is backed by tangible growth in the platform’s
fundamentals. With both TVL and user engagement increasing, the
positive outlook for SUI continues to build. 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
underlying network growth, making it one of the most talked-about
projects in the crypto space. SUI TVL Signals Ongoing Rally SUI is
currently testing a crucial supply level around the $2 mark, a
psychological barrier that, once surpassed, could pave the way for
a surge to new highs. Analysts are watching this level closely, as
breaking through it would likely trigger a strong bullish move.
On-chain data from DefiLlama supports this optimism, revealing that
SUI’s total value locked (TVL) has reached an all-time high of
$1.07 billion. This marks a remarkable 65% increase in TVL over the
past 30 days, signaling growing confidence in the platform’s
utility and long-term potential. The rise in TVL is a net positive
for the SUI coin, as it reflects the increasing adoption of the Sui
ecosystem. As more value flows into the network, the demand for SUI
tokens will likely grow, creating upward pressure on its price.
Investors often view rising TVL as a bullish signal, suggesting
that the platform is gaining traction and trust among users.
Related Reading: XRP Price Bullish Potential Grows – A Surge Above
$0.65 Will Trigger Buyers If these positive trends in TVL and
overall network activity continue, a rise above SUI’s previous
all-time high of $2.16 seems likely in the coming weeks. With
momentum building, many expect SUI to achieve further 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% away from its all-time high of $2.18. The recent
price action has been promising, with an 8% surge in the past
hours. Many analysts believe that if SUI can break above 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, expecting a healthy correction before
further upward movement. If SUI fails to break past the $2 mark, a
retracement to support levels around $1.60, or even down to $1.45,
would not be unexpected. Such a correction could provide a solid
foundation for the next bullish leg, allowing SUI to gather
momentum before attempting to breach the $2 resistance again.
Related Reading: Dogecoin Could Target $0.20 Soon, Analyst Predicts
– Is DOGE Primed For A Rally? Despite this, the overall sentiment
remains optimistic, with many investors holding out for a new
all-time high shortly. SUI’s recent performance and market dynamics
suggest that the coming days will be crucial for determining its
next move. Featured image from Dall-E, chart from TradingView
Optimism (COIN:OPUSD)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Optimism (COIN:OPUSD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024