#BTCSUI

Sui Network (SUI) Defies Market Slump, Surges 10%, What’s Next?

Coinspeaker Sui Network (SUI) Defies Market Slump, Surges 10%, What’s Next?

SUI SUI $5.06 24h volatility: 9.7% Market cap: $15.28 B Vol. 24h: $2.24 B , the native cryptocurrency of the Sui blockchain, has defied broader market trends by surging over 11% in the past 24 hours, trading at $5.11. This comes during a sluggish week for the crypto market, with Bitcoin BTC $94 948 24h volatility: 1.8% Market cap: $1.88 T Vol. 24h: $62.14 B down 7% from its weekly high of $102,000, currently trading at $94,900.

This surge coincides with prominent investor Ali Martinez explaining that the token’s decisive breakout above or below the narrow range between $4.86 and $4.61 could trigger a significant 10% price shift.

The rise in SUI’s value is attributed to Sui Network’s milestone achievement of reaching $2 billion in Total Value Locked (TVL) earlier this week. As per the data by DeFiLlama, the network currently boasts a $2.02 billion TVL and $750 million in open interest. This suggests growing investor confidence in the Layer 1 blockchain, which offers stablecoin yields up to 50% higher than competitors like Solana.

In the past year, SUI has demonstrated an impressive growth trajectory, surging 520%, with a 35% increase in the last month alone. In 2024, it secured several big partnerships with financial giants like Grayscale, VanEck, and Franklin Templeton.