SUI price is experiencing a strong uptrend, attracting the attention of the crypto community as it approaches key resistance levels. With Total Value Locked (TVL) surpassing $958 million, the network’s fundamentals have been strengthened, indicating growing confidence from investors.
This rapid growth has positioned SUI as a potential candidate for a prominent position in the group of “Ethereum Killers,” outperforming competitors such as Sei, Mantle Network, and Aptos.
As SUI approaches all-time highs, bullish technical indicators suggest continued upside potential, provided it can break above upcoming resistance points.
Journey to 1 Billion USD TVL
TVL in the Sui Network ecosystem reached $958.57 million as of September 24, 2024, marking a significant increase from $338 million on August 3. TVL is a metric that reflects the amount of capital deposited into decentralized finance (DeFi) protocols in a particular network, including assets participating in activities such as staking, lending, and liquidity provision.
An increase in TVL is generally considered a positive indicator, reflecting increased user confidence and participation in the protocols within the network, thereby driving up the utility and demand for the native token. As more assets are locked in the SUI ecosystem, this indicates that users are willing to commit their capital, reducing the circulating supply of the token and potentially creating upward price pressure.
Furthermore, as TVL approaches important milestones such as the upcoming $1 billion threshold for SUI, it often attracts attention from a broader group of investors. Reaching this threshold not only signals strong growth and high liquidity in the ecosystem, but can also generate greater confidence in the market, creating a positive feedback loop leading to price growth and new investment inflows.
SUI TVL | Source: DeFiLlama
As TVL continues to increase, the overall health of the ecosystem will improve, increasing liquidity for decentralized applications, increasing trading volume, and potentially leading to sustainable price growth for SUI. With new integrations, such as Circle issuing USDC on SUI, its TVL could continue to grow in the coming months.
SUI Is Outpacing Other “Ethereum Killers”
When comparing the performance of the “Ethereum Killer” candidates, Solana is currently in a clear lead. With a price of $150 and a 37% increase since the beginning of the year, its position in the market has been confirmed with a capitalization of about $70 billion.
TON is also attracting a lot of attention with a 140.52% increase and a market capitalization of $14 billion. Despite the strong presence of these two giants, it seems that there is still room for another big player in this field.
Among the contenders, SUI stands out, especially when compared to emerging chains like Sei, Mantle, and Aptos. While Sei and Mantle recorded declines of -34.13% and -1.69% respectively, Aptos was not spared from a significant decline of -19.28%.
SUI and Other “Ethereum Killers”. Source: Messari.
In contrast, SUI has more than doubled in price, posting a 102.60% gain year-to-date, asserting its position in this competitive sector.
Crypto could easily see another “Ethereum Killer” with a market cap exceeding $10 billion. With Solana already well above that mark and TON hitting $14 billion, SUI’s momentum suggests it could be the next chain to cross this important threshold.
SUI’s strong growth metrics and ever-improving adoption rate put it in a strong position to compete on par with Solana and TON, with the potential to become a major player in the multi-chain future of decentralized applications.
SUI Price Prediction: ATH In October?
Currently, SUI is trading around $1.70, still 28% off its all-time high of $2.18. Its price has been trending strongly up recently, with multiple exponential moving averages (EMAs) stacked in a bullish configuration. Exponential moving averages are trend-following indicators, giving more weight to recent price action.
In this chart, the EMAs are clearly arranged in a bullish pattern, with the short-term EMAs above the long-term EMAs. This type of arrangement shows strong bullish momentum in the market.
EMA lines and support and resistance levels | Source: TradingView.
If SUI can maintain the current trend and surpass the key resistance levels at $1.95 and $2.07, the price could be poised to challenge the previous all-time high at $2.18 and could continue to move higher, targeting $2.20 or higher.
However, if these resistance levels are not broken, the price may undergo a correction. In that case, the nearest support level is around $1.41, where the price could stabilize before attempting to rise again.
Source: https://tapchibitcoin.io/gia-sui-nham-den-cac-muc-duong-cu-quan-trong-giua-tang-truong-tvl.html
