The price of SUI recently hit an all-time high, rising over 69% in the past seven days. The recent growth is supported by strong technical indicators, including rising EMA lines and a recovering BBTrend.
With Total Value Locked (TVL) also reaching a new record, SUI is demonstrating solid interest from investors and growth in usage.
SUI's TVL Reaches New Record
SUI's Total Value Locked (TVL) has just reached an all-time high of $1.36 billion, reflecting a significant increase in investor confidence and chain usage.
SUI TVL. Source: DeFiLlama
Total Value Locked (TVL) represents the total amount of assets being staked or locked in the smart contracts of the blockchain. This is an important metric that assesses the health and acceptance of the platform, as a higher TVL indicates user participation levels and trust in the security and potential of the platform.
SUI first reached $1 billion TVL on September 30, and since then, growth has stabilized. After a period of consolidation, it seems ready to reach new peaks, as shown in recent days.
SUI BBTrend is Recovering
SUI's BBTrend has maintained positivity for three consecutive days, during which the price has increased by 37%. This stable positive trend suggests that bullish momentum has gradually accumulated, supporting the recent price growth.
The ability of BBTrend to maintain positivity during this period indicates strong buying interest driving SUI upwards.
SUI BBTrend. Source: TradingView
BBTrend, or Bollinger Band Trend, is a momentum indicator that helps assess the direction and strength of an asset's price movement compared to the Bollinger Bands. A positive BBTrend value indicates that prices are being reinforced, while a negative value indicates a downward trend.
On November 10, SUI's BBTrend peaked at 19.17 before experiencing a few hours of decline. However, the indicator appears to be regaining momentum, currently at 6.95, indicating new bullish momentum as buyers return to support the price.
SUI Price Forecast: Is a New All-Time High Coming Soon?
SUI recently reached an all-time high of $3.27, thanks to strong bullish momentum reflected through its EMA lines. The arrangement of these moving averages suggests that the upward trend may continue, pushing SUI to even higher levels.
If BBTrend continues its recent recovery and TVL also reaches a new peak, these factors could together drive SUI to establish a new historical high.
SUI Price Analysis. Source: TradingView.
However, if the current upward trend weakens, the price of SUI may face a significant reversal. The nearest strong support zone is at $2.21, which could act as a safety line if the price begins to decline.
If this support does not hold, SUI may face a deeper correction down to $1.96, equivalent to a 37.9% decrease from the current level.
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