SUI, the native token of the layer 1 blockchain Sui, has experienced remarkable growth in the last 24 hours. Its price hit an all-time high of $4.91 during Thursday’s Asian session, driven by increased trading activity.
Although the price has slightly retreated by 1%, SUI has maintained a 30% gain over the past 24 hours, making it the top-performing asset in the market.
SUI Sets New Records
The rapid price increase was fueled by the announcement of Backpack’s integration with the Sui blockchain, which led to an 18% price surge during Wednesday’s trading session. This news spurred a rise in user activity on the blockchain.
Simultaneously, the total value locked (TVL) in the Sui ecosystem reached a new all-time high. According to DefiLlama, Sui’s TVL now stands at $1.84 billion, representing a 17% increase in the past 24 hours.
The Significance of Rising TVL
An increase in TVL reflects a higher inflow of capital into the network through staking, deposits, or other uses, indicating growing user confidence. This often positively impacts the token’s price as it signals stronger demand and higher network activity.
Record Volumes on SUI’s Decentralized Exchange
In addition to the rising TVL, the trading volume on SUI’s decentralized exchange (DEX) has also soared. The network’s total DEX volume surpassed $35 billion, with a new 24-hour trading activity record of $466 million.
According to Artemis, DEX volumes in the network have increased by 170% since the beginning of December, showcasing heightened trading activity within the ecosystem.
SUI Price Prediction: Surpassing the ATH is Within Reach
SUI is currently trading at $4.83, reflecting a 30% gain in the last 24 hours. The technical indicator Chaikin Money Flow (CMF), currently at 0.19, confirms sustained demand for the token.
CMF: This metric measures buying and selling pressure, with positive values indicating dominant buying pressure and a bullish market sentiment.
If SUI maintains this momentum, it could soon surpass its all-time high of $4.91 and continue its upward trajectory. However, if profit-taking occurs, the price may dip to $3.96, invalidating this bullish outlook.
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