Sui Network, a Layer 1 Blockchain network known as a rival to Solana, is facing increasing demand in the decentralized finance (DeFi) market. This has led to a significant increase in the price of SUI. According to the data, the price of SUI has gained over 60% in the past month, reaching $1.60.

SUI Price Approaches New Highs

In March, the price of SUI hit a new record high of over $2.08, but in the following months it fell below $0.50 due to the general market sell-off. Since the lows in June, SUI has been on a strong recovery and is on track to reach previous highs.

In the last 24 hours, SUI has increased significantly, reaching $ 1.60. Its market value has reached $ 4.2 billion, and there has also been a significant increase in daily trading volume. According to technical analysis, the SUIUSDT trading pair is advancing by breaking through critical resistance levels.

Sui Network DeFi TVL Increases

Sui Network has seen a surge in network activity thanks to the increasing DeFi activity on the platform. According to official figures, the Layer 1 Blockchain has seen a significant increase in total value locked (TVL), rising to the top ranks among other Blockchain networks. “This increase in our TVL reflects the trust the crypto community has in our network,” Sui Network officials said in a statement.

Sui Network offers a unique approach with its parallel transaction processing feature. It increases scalability by using horizontal scaling in its architecture. It provides more efficient state management thanks to an object-based storage model. This approach reduces transaction times and offers lower latency for decentralized applications and DeFi platforms.

It also continues to form important partnerships in the cryptocurrency market. Recently, Circle decided to launch its USDC stablecoin on the Sui Network. This step is considered as part of Circle’s goal of expanding its blockchain support.

Sui Network’s rapid growth and technical advantages in the DeFi ecosystem are contributing to the value of the SUI token. The network’s innovative approaches to scalability and efficiency continue to attract the attention of the crypto community.

  • Sui Network's TVL saw a significant increase.

  • The price of SUI has been on an upward trend recently, fueled by the increase in TVL.

  • However, Sui is facing notable developments in the DeFi market.