Date: Sat, Nov 16, 2024, 05:34 AM GMT
In the cryptocurrency market today, Bitcoin (BTC) regained its upward momentum, surging over 4% after a two-day correction. This bullish sentiment extended to top Layer-1 token Sui (SUI), which recorded an impressive 20% rally in the past 24 hours, currently trading at $3.78.
Notably, SUI achieved a new all-time high (ATH) of $3.88 while reaching a record-breaking $10 billion market cap for the first time.
On-Chain Growth Driving Momentum
The primary factor behind SUI’s strong price performance is its explosive ecosystem growth. Today, SUI achieved its highest Total Value Locked (TVL) milestone, reaching $1.63 billion, a massive leap from $211 million in January 2024. This nearly 7.7x growth in TVL highlights the increasing adoption of Sui-based decentralized applications (dApps) and protocols.
Additionally, SUI’s decentralized exchange (DEX) trading volume soared past $2.09 billion in the last week, earning it the 7th spot among top-performing blockchain networks. These metrics underscore the robust on-chain activity that continues to fuel investor confidence.
Technical Outlook: More Rally Ahead?
After hitting its all-time high of $3.88, SUI is currently consolidating near the $3.78 level, which aligns with a key resistance zone. The price action over the past few weeks suggests a strong bullish trend, as shown by the ascending channel on SUI’s 15-minute chart.
Key levels to watch:
- If SUI breaks above $3.88, the next levels lies around the $4.20-$4.40 range. A successful breakout could pave the way for a rally toward $5.00 in the coming weeks.
- On the downside, support is visible near $3.60, with stronger support around $3.40, which coincides with the lower boundary of the channel.
The Relative Strength Index (RSI) currently shows overbought conditions, suggesting a potential short-term pullback before resuming upward momentum. However, with sustained ecosystem growth and bullish market sentiment, SUI appears well-positioned for further gains.
More Upside Potential?
SUI’s recent developments and rising adoption could fuel additional price surges. The asset’s ability to maintain its TVL growth and trading volume will play a critical role in determining whether it can surpass the psychological $5 mark in the near future.
For now, SUI continues to capture investor attention, making it one of the most exciting tokens to watch in the market.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.