SUI price has reached an all-time high, driven by strong momentum that could push it higher in the near term. Total Value Locked (TVL) has also reached a record high of $1.72 billion.
With technical indicators like 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 crucial if the current bullish momentum starts to fade.
SUI TVL hits new all-time high
The total value locked (TVL) on the SUI blockchain has reached an all-time high of $1.72 billion. This achievement reflects strong investor confidence and increased activity within the SUI ecosystem, highlighting its growing adoption.
Sustained high TVL levels are often associated with increased interest and demand for the underlying asset, creating potential upward pressure on its price.
TVL measures the total capital locked in blockchain protocols and serves as a key indicator of ecosystem health and user engagement. With SUI’s TVL remaining above $1.4 billion since November 9, the steady inflow of capital indicates strong support for its network.
This stability, coupled with the recent surge to an all-time high, could boost SUI price momentum.
The current uptrend of SUI is strong.
The ADX for SUI has risen to 30.6, a sharp increase from below 15 just two days ago, indicating a significant strengthening in its trend. This rise indicates that the price of SUI has moved from a weak or consolidating market condition to a strong uptrend.
The sharp rise reflects increasing market momentum, perhaps driven by increased investor activity or confidence in the asset.
In previous price highs, SUI’s ADX has been close to 35, indicating that the current rally may continue for some time before the trend reverses or weakens. This suggests a potential short-term upside for SUI as momentum builds.
SUI Price Prediction: Will It Hit $4.5 for the First Time?
On December 3, the SUI EMA lines formed a golden cross, where a short-term moving average crossed above a long-term average, indicating the beginning of an uptrend.
This technical pattern sparked the recent rally, pushing SUI closer to its all-time high. If the uptrend continues, SUI could surpass this peak and target $4.50, a level that is only 7.7% away.
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, indicating a potential shift in market sentiment.
