As a seasoned crypto investor with battle-scarred fingers from navigating the turbulent seas of digital assets, I must admit that witnessing SUI‘s extraordinary performance over the past 24 hours has left me both exhilarated and cautiously optimistic. The token’s new all-time high of $4.91 during the early Asian session was a sight for sore eyes, especially after enduring the relentless bear market that had gripped the industry for far too long.
In the last 24 hours, the cryptocurrency SUI, which is the native token for the Layer-1 blockchain called Sui, has been surging. On Thursday’s early Asian session, its price hit a record high of $4.91 due to increased trading activity.
Despite experiencing a 1% decrease from its current high, SUI has managed to increase its price by 30% in the last 24 hours, positioning itself as the leading market’s price surger.
SUI Records New Peaks
The significant increase, exceeding ten percent, in SUI’s value was primarily driven by the revelation of Backpack’s incorporation with the Sui blockchain on Wednesday. This announcement ignited a 18% rise in SUI’s price during that day’s trading period, resulting in heightened activity on the blockchain.
The recent increase in user engagement is evident in the record-breaking total value locked (TVL) within Sui’s decentralized finance (DeFi) sector. As of now, according to DefiLlama, Sui’s TVL stands at a staggering $1.84 billion, marking a 17% increase over the past day.
As the Total Value Locked (TVL) of a network increases, it means that more funds are being committed, invested, or employed within its system. This surge suggests growing user engagement, which can have a favorable effect on an asset’s price. A larger TVL typically indicates robust demand, heightened activity, and increased faith in the network’s foundations.
Alongside a growth in its total TVL (Total Value Locked), the trading volume on SUI’s decentralized exchange has also risen significantly. In a recent post on X, SUI announced that its total DEX volume had exceeded $35 billion, setting a new 24-hour record of more than $466 million in DEX transactions. According to data from Artemis, the network’s DEX trading activity has increased by approximately 170% since early December.
SUI Price Prediction: A Rally Above the All-Time High Is Possible
At the moment, SUI is being exchanged for $4.83, marking a 30% surge over the last 24 hours. The daily chart reveals an upward trend in the Chaikin Money Flow (CMF), sitting at 0.19, indicating continued interest and demand for the coin.
The CMF measures buying and selling pressure over a specific period using price and volume data. A positive reading indicates that buying pressure exceeds selling pressure, signaling bullish sentiment and the potential for continued upward momentum in the asset’s price.
If the current upward trend continues, the price of SUI coins could reach and surpass its record high of $4.91. Conversely, if selling activity begins, the price might fall to around $3.96, potentially altering this positive prediction.
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2024-12-12 13:44