Sui (SUI) has been making waves in the crypto market, recently hitting an all-time high (ATH) of $4.43, marking a remarkable surge from its previous low of $3.529. This significant 25.85% price increase over the past week has been accompanied by a surge in trading volume, which saw a 71.5% increase to $4.24 billion. With a market cap now reaching $12.54 billion, Sui’s momentum is undeniably strong, fueled by growing investor confidence and network activity.
Sui Network TVL Hits Record High
The impressive price surge can largely be attributed to the rise in Sui Network’s Total Value Locked (TVL), which reached an ATH of $1.72 billion. According to Lookonchain, this milestone indicates strong investor confidence and highlights growing activity within the Sui ecosystem. TVL, often a key indicator of network demand and utility, correlates closely with upward price pressure.
SUI(@SuiNetwork)'s TVL exceeded $1.68B today, hitting an all-time high!
— Lookonchain (@lookonchain) December 5, 2024
And the price of $SUI just broke through $4.4, setting a new record! pic.twitter.com/DQC49tAA7Q
As more capital flows into the network, its ecosystem’s strength increases, positively impacting Sui’s value.
Sui’s TVL has been consistently holding above $1.4 billion for the past few months, signaling sustained capital inflows and suggesting the altcoin’s upward momentum is likely to continue. This rise in TVL reflects the growing adoption of the Sui network and suggests that investors are increasingly seeing it as a valuable asset.
Bullish Market Sentiment and Momentum
Market indicators further confirm the bullish sentiment surrounding Sui. The long/short ratio for Sui shows that long positions are currently dominating, indicating that most investors are betting on a price increase. Moreover, Sui’s open interest has skyrocketed from $16.3 million to $378.44 million, suggesting that new investors are entering the market with fresh positions while existing holders are confident enough to maintain theirs.
Additionally, a bullish crossover on the MACD (Moving Average Convergence Divergence) further supports the prevailing upward momentum. With the MACD line flipping above the signal line in the past 24 hours, Sui is seeing strong buying pressure, with buyers continuing to dominate the market.
Also Read: Sui (SUI) Bullish Trend: Consolidates Below All-Time High, Potential Dip to $3.5 Before Breakout
What’s Next for Sui?
Given the strong bullish indicators and the continued rise in capital inflow, Sui seems well-positioned to continue its upward trajectory. With no significant resistance above the current price of $4.30, Sui could soon set a new ATH. As investor interest and network activity continue to grow, SUI’s future remains bright, with potential for even more gains in the coming weeks.
If Sui maintains this momentum, its rise could mirror the performance of other top altcoins, making it one to watch closely for continued gains.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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