SUI price has had a remarkable run, recently reaching a new all-time high and increasing nearly 74% in the past month. This increase reflects growing momentum for the asset, driven by increasing adoption and market activity.
In addition to price performance, SUI's Total Value Locked (TVL) has also broken records, reaching $1.65 billion before a slight decline.
SUI TVL is breaking records
SUI Total Value Locked (TVL) has reached new highs, impressively hitting $1.65 billion on November 15. However, it has slightly decreased since then, stabilizing around $1.62 billion in recent days.
This change indicates a cooling period after the strong growth trajectory observed earlier in the month.
SUI TVL. Source: DeFiLlama
Monitoring SUI's TVL is crucial as it reflects the platform's ability to attract capital and maintain user trust. Since surpassing $900 million on October 28, SUI has consistently demonstrated the ability to lock in significant value, marking the first milestone of $1 billion in TVL on September 30.
However, the recent slowdown in growth could indicate a pause in this uptrend.
The current uptrend of SUI is no longer strong
The Average Directional Index (ADX) of SUI has significantly decreased, currently at 18, down from over 30 just two days ago. This decline indicates that while SUI remains in an uptrend, the strength of this trend is weakening.
A declining ADX often signals a downtrend, suggesting that the recent price volatility of SUI may lack the momentum seen earlier in the current rally.
SUI ADX. Source: TradingView
ADX measures the strength of a trend, regardless of its direction, with key thresholds indicating different momentum levels. Values below 20 suggest a weak or non-existent trend, while indicators above 25 indicate a strong trend gaining traction.
SUI ADX sliding below this threshold indicates that the uptrend may be losing steam. If this weakening trend continues, SUI price may face accumulation or even a pullback in the coming days.
SUI price prediction: Could it soon surpass $4?
If the current uptrend of SUI regains strength, it is likely to test the resistance level at $3.94, marking its previous all-time high. Breaking this level could pave the way for further gains, with the next key threshold at $4.
This scenario would signal a new upward momentum, potentially attracting more interest from traders looking to capitalize on the uptrend.
SUI price analysis. Source: TradingView
On the other hand, a reversal into a downtrend could see SUI price testing the nearest support level at $3.1. If this level fails to hold, the price could drop further, down to a low of $2.2.
This represents a potential adjustment of 39%, indicating a significant downside risk if market sentiment shifts to a bearish trend.