SUI Price Hits New All-Time High With TVL Approaching $1.8 Billion

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As a seasoned crypto investor with scars from the 2017 bull run and the subsequent bear market, I must admit that the recent surge in SUI price has piqued my interest. The all-time high and the strong momentum fueling this uptrend have me optimistic about its potential for further growth.

The cost of SUI has soared to an unprecedented peak, propelled by robust energy that might push it further upwards in the short term. Meanwhile, its Total Value Locked (TVL) surpassed a historical mark, standing at a staggering $1.72 billion.

As an analyst, I’m observing a promising outlook for SUI. The ADX suggesting a robust uptrend, coupled with a golden cross reinforcing the recent surge, positions us optimistically towards testing the $4.50 mark, which is only 7.7% away. Yet, it’s crucial to keep an eye on the significant support levels at $3.94 and $3.65. If the current bullish momentum wanes, these levels will be pivotal in maintaining our positive trajectory.

SUI TVL Reached A New All-Time High

The value locked on the SUI blockchain has surpassed a record peak of $1.72 billion, showcasing robust investor trust and escalating activity within the SUI network. This achievement underscores the expanding popularity of SUI, indicating its increasing acceptance among users.

Maintaining significant Total Value Locked (TVL) over a long period tends to indicate higher usage and interest in the associated asset, potentially leading to increased market value or price growth.

TVL (Total Value Locked) is a measure that shows the overall amount of money tied up within a blockchain’s protocols. It’s an essential metric for evaluating the well-being of the ecosystem and user participation levels. Since November 9, SUI’s TVL has been consistently above $1.4 billion, which indicates robust support for its network, suggesting that significant capital continues to flow into it.

This stability, combined with the recent all-time high, could bolster SUI price momentum.

SUI Current Uptrend Is Strong

The value of SUI ADX has climbed to 30.6, marking a substantial jump from below 15 only two days prior, indicating a pronounced improvement in its trajectory. This rise indicates that the price of SUI may have transitioned from a weak or stable phase into a robust upward trend.

The sharp rise reflects growing market momentum, potentially driven by increased investor activity or confidence in the asset.

The Average Directional Index (ADX), which measures the strength of a market’s trend, reveals that values over 25 signify a robust trend, while values under 25 suggest a weak or stable market. With SUI’s ADX currently at 30.6, this indicates a clear uptrend, suggesting potential for further growth before the trend might start to weaken.

Previously, during price spikes, the ADX of SUI almost hit 35, suggesting that the ongoing surge might persist for a while until the direction changes or loses strength. This suggests a possible short-term increase in value for SUI as the momentum intensifies.

SUI Price Prediction: Will It Reach $4.5 For The First Time?

As a researcher, I observed an intriguing event on December 3rd. That day, the Short-Term Exponential Moving Average (EMA) in our study surpassed the Long-Term EMA, forming what we call a ‘Golden Cross’. This technical pattern suggests a shift towards a bullish trend, implying potential growth or upward momentum in the market.

The distinctive trend has sparked the current surge in SUI, propelling it towards record highs. Should this upward momentum persist, SUI might overshoot this pinnacle and target approximately $4.50 – a milestone that lies only 7.7% beyond its current position.

If the upward trend starts to weaken and is replaced by a downward trend, there’s a possibility that the SUI price might touch its initial support at $3.94. In case this level doesn’t provide enough resistance, the price could fall lower towards $3.65, indicating a potential change in market sentiment.

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2024-12-06 00:53