Trump election boosts SUI to record high


Sui reaches a record $2.38 as crypto-friendly Donald Trump wins the US presidential election.

Wednesday saw SUI's trade volume hit a record $2 billion.

TVL is growing, suggesting more SUI-based protocol users deposit or utilize assets.

The US presidential election's triumph by crypto-friendly Donald Trump sent Sui (SUI) to a new all-time high (ATH) of $2.38 on Thursday.

Total Value Locked (TVL) and daily trading volume hit an all-time high, indicating increased trader activity and SUI ecosystem use.

SUI aims for $3.15 after reaching a new high. The price climbed nearly 25% from Monday's support around the 50-day EMA at $1.81 till Wednesday. Sui's price is down to $2.24 on Thursday after setting a new ATH of $2.38.

SUI may rise toward the 141.40% Fibonacci extension, drawn from the August 5 low of $0.462 to the October 14 high of $2.36, at $3.15 if it closes above $2.36. However, traders may take gains around $3.00, a psychologically significant level.

A positive MACD crossing on Wednesday's daily chart supports Sui's ascent. The MACD line (blue line) crossed the signal line (yellow line), signaling a buy. A bullish Relative Strength Index (RSI) of 61 indicates that momentum is building.

A recent increase in SUI ecosystem traders' interest and liquidity boosts the platform's prospects. Santiments reports that SUI's daily trading volume climbed from $432.9 million on Saturday to $2 billion on Wednesday, its highest level since debut.

Crypto aggregator DefiLlama predicts Sui's success. On Thursday, Sui's TVL rose from $892.98 million on October 28 to $1.09 billion, the highest amount since October 15 and near to an all-time high.

An rise in TVL signifies increased user activity in the Sui blockchain ecosystem. This supports the positive outlook since more users deposit or utilize assets in SUI-based protocols.

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