Sui Network (SUI) Breaks Records
Sui Network (SUI), a high-performance layer 1 blockchain, recently hit a new all-time high (ATH) at $4.47, marking an 80% gain over the past month. Subsequently, the token experienced a slight dip to $4.15, reflecting a daily decline of 1.61%.
At the same time, the Total Value Locked (TVL) reached a record $1.63 billion, demonstrating increasing investor confidence. However, questions remain about whether SUI can maintain this momentum throughout the rest of the year.
Key Drivers of SUI's Growth
The integration of Phantom Wallet with the Sui network boosted its utility, particularly through features like staking, token swaps, and NFT storage. While this development enhanced the token's appeal, broader market dynamics and increased utility also play a critical role in its recent gains.
Derivative Data Confirms Bullish Momentum
Data from Coinglass indicates that trading volume has surged by 11.20% to $4.55 billion, reflecting heightened interest in SUI. Conversely, Open Interest (OI) dropped by 4.22% to $969.34 million, potentially signaling the closure of short positions.
On Binance, the SUI/USDT long/short ratio stands at 2.97, while OKX reports a similarly bullish figure of 2.6, highlighting traders' strong confidence in further price growth. Long liquidations over the past 24 hours totaled $5.99 million, far exceeding short liquidations of $2.79 million, indicating robust buying pressure even during price corrections.
TVL Growth and a Robust Ecosystem
Since November 6, SUI's TVL has consistently remained above $1 billion, currently standing at $1.66 billion. This steady influx of capital underscores the network's strong ecosystem activity and sustained user engagement.
Technical Analysis: Key Levels to Watch
From a technical perspective, SUI continues to break through resistance levels, recording a daily gain of 15.02%. Major growth targets are identified at $5.47, $6.44, and $7.31, while the support level at $2.96 remains critical. Losing this support could reverse the trend, emphasizing the importance of implementing stop-loss strategies.
AI Predicts SUI's Future
According to ChatGPT-4's forecast, SUI's price by year-end could range between $5.50 and $6.50, driven by strong ecosystem growth, record-breaking TVL, and positive trader sentiment.
Bullish Scenario: Price surpasses $6, reflecting sustained demand.
Moderate Scenario: Consolidation around $5.
Bearish Scenario: Retreat to the $3.50–4.00 range.
Conclusion
Sui Network faces a decisive period, with broader market sentiment and ecosystem developments playing pivotal roles in shaping its price trajectory. Investors should closely monitor these factors and adjust their strategies accordingly.
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