SUI's price has recently seen a remarkable rise, reaching new all-time highs, and has increased by nearly 74% over the past month. This growth reflects asset momentum supported by increased adoption and market activity.
Apart from price performance, SUI's total locked value (TVL) has also slightly retreated after reaching a record $1.65 billion.
SUI sets a record in total locked value.
SUI's total locked value (TVL) is reaching new heights, hitting an astonishing $1.65 billion on November 15. However, it has slightly declined since then, stabilizing around $1.62 billion in the past few days.
This change indicates a cooling period following the strong growth curve observed at the beginning of the month.
Tracking SUI's total locked value (TVL) is crucial as it reflects the platform's ability to attract funds and maintain user trust. Since breaking through $900 million on October 28, SUI has demonstrated the capability of locking in significant value. It first reached the $1 billion total locked value (TVL) milestone on September 30.
However, a recent decline in growth momentum may suggest that this upward trend could pause.
SUI's current upward trajectory is no longer strong.
SUI's Average Directional Index (ADX) has significantly declined to 18, down from over 30 two days ago. This drop shows that while SUI remains in an upward trend, the strength of this trend is weakening.
A declining Average Directional Index typically indicates decreasing momentum. This suggests that SUI's recent price movements may lack the vigor seen in the current rally.
The Average Directional Index measures the strength of a trend, regardless of its direction, and has key thresholds indicating different momentum levels. Readings below 20 indicate a weak or non-existent trend, while readings above 25 indicate a strong trend is building.
If SUI's Average Directional Index falls below this threshold, it indicates that the upward trend may be losing momentum. If this weak trend continues, SUI's price may face consolidation or even a pullback in the coming days.
SUI Price Prediction: Will it surpass $4 soon?
If SUI resumes its current upward trend, it is likely to test resistance at the previous all-time high of $3.94. Breaking through this level could pave the way for further gains toward the next significant threshold of $4.
This scenario signals new bullish momentum, likely to attract traders looking to profit from this rally.
On the other hand, a return to a downward trend could lead to SUI testing recent support at $3.1. If this level cannot be maintained, the price may drop further to $2.2.
This indicates a potential 39% correction, which would signify significant downside risk if market sentiment turns bearish.
