As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I have seen my fair share of market highs and lows. However, the recent surge of Sui Network (SUI) has caught my attention like never before.
On Wednesday, Sui Network, a blockchain competing with Solana at the Layer-1 level, saw its price surge to $2.0, bucking the trend of the broader market selloff and altcoin downturn. Amidst market instability, SUI cryptocurrency has been making strides towards reaching a new peak value surpassing $2.07. Here’s a breakdown:
For the past month, the Sui Network’s cryptocurrency, SUI, has become a top performer within the entire crypto market. Despite some recent apprehensions about the SUI token launch, market analysts predict that the gradual release of tokens won’t influence the immediate price fluctuations of SUI.
Based on experts’ observations, approximately half of SUI‘s total token supply remains locked until the year 2030, opening up a substantial opportunity for additional returns. After the deployment of its mainnet, the Sui Foundation immediately introduced the Sui Bridge. This bridge enhances the interoperability between Ethereum and Sui networks by facilitating secure asset transfers. Additionally, this innovative feature is expected to draw in new users and increase liquidity, contributing to Sui’s ongoing expansion.
Over the last month of September, the value of SUI skyrocketed by approximately 140%, reaching a new peak that’s been six months in the making. Although bulls are trying to push SUI beyond its previous record high of $2.18, they’ve encountered significant resistance at the $2 level.
SUI DeFi TVL Crosses $1 Billion
Just recently, the value locked on Sui’s platform exceeded one billion dollars, moving it to the top spot over Polygon in terms of Total Value Locked (TVL).
According to DefiLlama, the total value locked (TVL) in Sui stands at approximately $1.07 billion, representing a significant jump of 65% over the past month. This impressive rise is taken as an indication of growing trust and belief in Sui’s prospects and capabilities among investors.
The significant growth in the Total Value Locked (TVL) within the SUI Network is a promising sign for the SUI cryptocurrency, demonstrating growing trust in the platform’s usefulness. Furthermore, an increase in funds flowing into the Sui Decentralized Finance (DeFi) sector could potentially drive the price of SUI upward in the near future.
Additionally, the open interest for the SUI coin hit a peak of $750 million on Wednesday, which is the highest it’s been since January. This suggests increasing enthusiasm from traders and indicates a flow of fresh capital into the market.
🚨 THIS IS NOT A SHORT SIGNAL 🚨
🚀 The price of SUI has once again reached around $2, which is close to its previous cycle’s all-time high (ATH). Historically, when a chart touches its ATH, it often experiences a brief rebound to a robust support level before surpassing the ATH again.
Remember this rule: If it returns to ATH ->…
— Suipiens.sui 🦍💧 (@suipiens) October 3, 2024
Market experts predict that while the new record high for SUI might not happen straight away, investors should remain patient. If the SUI bulls can regain their current all-time high of approximately $2.18, it could trigger an immediate surge. However, these analysts suggest that prior to this uptrend, there may be a temporary dip in the SUI price down to around $1.5.
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2024-10-03 11:47