SUI price has hit a new all-time high, driven by strong momentum that could take it even higher in the near term. Its Total Value Locked (TVL) has also reached a record high of $1.72 billion.
With technical indicators like the ADX signaling a strong uptrend and a golden cross supporting the recent rally, SUI is well-positioned to test the $4.50 level, just 7.7% away. However, key support levels at $3.94 and $3.65 will be critical if the current bullish momentum starts to weaken.
SUI TVL reaches new all-time high
The SUI blockchain has achieved a new all-time high for Total Value Locked (TVL) of $1.72 billion. This milestone reflects investor confidence and growing activity within the SUI ecosystem, highlighting its growing adoption.
High TVL levels often correlate with higher utility and demand for the underlying asset, creating potential upward pressure on its price.
SUI TVL. Font: DeFiLlama
TVL measures the total capital locked in a blockchain’s protocols, serving as a key indicator of ecosystem health and user engagement. With SUI’s TVL remaining above $1.4 billion as of November 9, the consistent capital inflow suggests strong support for its network.
This stability, combined with the recent all-time high, could strengthen SUI’s price momentum.
The current uptrend of SUI is strong
SUI’s ADX has risen to 30.6, a sharp increase from below 15 just two days ago, signaling a significant strengthening of its trend. This increase suggests that SUI’s price has moved from a weak or consolidating market condition to a strong uptrend.
Furthermore, the sharp increase reflects growing market momentum, potentially driven by increased investor activity or confidence in the asset.
ABOUT ADX. Source: TradingView
The ADX (Average Directional Index) indicates trend strength. Values above 25 indicate a strong trend; below, consolidation. At 30.6, SUI's ADX confirms an upward trend and growth potential.
In previous price increases, SUI's ADX nearly reached 35, indicating that the current rally may continue for some time before the trend reverses or weakens. This points to near-term upside potential for SUI as momentum builds.
SUI Price Prediction: Will It Hit $4.5 for the First Time?
On December 3, SUI's EMA lines formed a golden crossover or golden cross, where a short-term moving average crossed above a longer-term one, signaling the start of an uptrend.
However, this technical pattern has fueled the recent rally, bringing SUI closer to its all-time high. If the uptrend continues, SUI could surpass this peak and target $4.50, a level just 7.7% away.
SUI Price Analysis. Source: TradingView
However, if the current uptrend weakens and a downtrend emerges, SUI price could test its first support at $3.94. If this level fails to hold, the price could drop further to $3.65, signaling a possible change in market sentiment.
The article SUI hits record high with TVL approaching $1.8 billion appeared first on BeInCrypto Brasil.
