Date: Tue, Jan 07, 2025, 06:03 AM GMT
As the cryptocurrency market kicks off the new year, notable upside momentum is being observed among altcoins, driven by Bitcoin’s (BTC) impressive climb from its December 31 low of $92K to its current price near the $102K milestone. Among the leading performers is Sui (SUI), one of the top Layer 1 blockchain token, which has surged by over 23% in last 7 days, fueled by strong on-chain growth.
Source: Coinmarketcap
SUI Hits ATH in TVL
According to DefiLlama, Sui’s Total Value Locked (TVL) reached a new all-time high of $2.04 billion today. This remarkable milestone highlights Sui’s position as the fastest-growing blockchain in terms of TVL, reflecting increasing demand for its DeFi protocols and application ecosystem.
Source: Defillama
Notably, Sui has doubled its TVL in just three months, solidifying its standing in the competitive Layer 1 space.
Technical Outlook
$SUI is currently trading within an ascending channel, characterized by consistent higher highs and higher lows—a strong indication of a sustained bullish trend. The token recently broke out from a bullish flag pattern around $4.46, allowing it to breach the horizontal resistance level of $4.96, which had previously marked its all-time high.
SUI 1D Chart/ Coinsprobe (Source: Tradingview)
With this momentum, SUI reached a new ATH of $5.36 before retracing slightly to $5.08, where it is currently retesting the breakout level. A pullback to $4.96 to confirm the breakout’s strength is possible before the next leg up. This retest could act as a springboard for further gains.
If bullish momentum continues, SUI could test the upper boundary of the ascending channel, projected around $6. Both the MACD and RSI indicators reflect bullish conditions. The MACD shows widening histograms, suggesting growing momentum, while the RSI remains at 66.69, just below the overbought zone, indicating room for further upside.
However, a failure to hold the $4.96 support level could lead SUI to retest the lower boundary of the ascending channel.
What’s Next for Sui?
Sui’s remarkable growth in TVL and strong price performance indicate robust market confidence in the blockchain’s ecosystem. As the DeFi space expands and investor interest in Layer 1 blockchains grows, Sui could continue to attract capital inflows. However, the next few days will be critical as SUI consolidates and retests key levels.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
