The decentralized finance (DeFi) ecosystem of the SUI network has reached a significant milestone, with its Total Value Locked (TVL) exceeding $1.79 billion. This achievement is largely attributed to the success of lending platforms SuiLend and NAVI Lending, which have significantly contributed to the network's growth.
DeFi Ecosystem on the Rise: SUI TVL Reaches New Highs
The SUI network has experienced a remarkable increase in its TVL, reflecting growing adoption and activity within its ecosystem. According to DefiLlama, TVL hit an all-time high of $1.8 billion on December 12.
The main drivers of this growth are the lending platforms SuiLend and NAVI Lending, which collectively account for more than half of the network’s locked assets:
SuiLend currently holds $552.5 million in assets.
NAVI Lending manages $491.23 million.
Together, these platforms represent 58% of the total TVL in the SUI network.
Market Activity Confirmed by Volume
In addition to the growth in TVL, the SUI network has seen a significant increase in trading activity. At the time of writing, trading volume was approximately $168 million. The highest recorded volume occurred on December 12, exceeding $551 million, which coincided with the TVL hitting its peak.
SUI Price Growth Faces Consolidation
The price of SUI has mirrored the growth of its DeFi ecosystem, currently trading at $4.38, staying above the critical 50-day moving average. This indicates that bullish sentiment remains strong in the market.
The Relative Strength Index (RSI) is at 61.65, suggesting the asset is nearing overbought territory but still has room for further growth.
Trading volumes reflect steady investor interest, supporting the upward price trend.
Despite a recent pullback from the $4.50 range, the price of SUI remains above the crucial support level of $4.20. Maintaining this level could pave the way for another rally, targeting the psychological resistance at $5.00.
Record Highs: SUI’s TVL and Price at Their Peaks
TVL reached $1.8 billion on December 12.
The SUI price hit an all-time high of $4.76 on December 13.
These milestones demonstrate the strength and potential of the SUI network, positioning it as a significant player in the DeFi space.
SUI Poised for Further Growth
The milestone of $1.7 billion in TVL, driven by platforms SuiLend and NAVI Lending, clearly shows that the SUI network is well-positioned for further expansion. With its rapidly evolving DeFi ecosystem and stable price performance, SUI has the potential to climb even higher and attract more investors.
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