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Cryptocurrency News Articles
Sui Network (SUI) DeFI TVL Crosses $1 Billion, Nearing All-Time High
Oct 03, 2024 at 04:03 pm
Sui Network, the Layer-1 Solana-killer blockchain, has witnessed strong activity as investors push the SUI price up to $2.0 on Wednesday
Layer-1 Solana-killer blockchain Sui Network (CRYPTO: SUI) has been seeing strong activity as investors push the SUI price up to $2.0 on Wednesday, defying the broader market selloff and altcoin crash.
Despite the market volatility, SUI crypto is making a move towards hitting a new all-time high above $2.07.
Here's a breakdown of what's impacting SUI crypto and what to expect next.
SUI Crypto Surges Past $1.90: A Closer Look at the Price Action
Over the past month, the Sui Network (SUI) cryptocurrency has been making waves in the crypto space. Despite some recent concerns about the SUI token release, market analysts say a gradual token release won’t affect the short-term SUI price action.
According to market observers, nearly half of SUI’s token supply is locked until 2030, which could bode well for further gains.
Following the launch of its mainnet, the SUI Foundation quickly introduced the Sui Bridge. This bridge serves to enhance the connectivity between the Ethereum and Sui networks by facilitating the secure transfer of assets. Moreover, this new feature is expected to attract new users and boost liquidity, ultimately contributing to Sui's continued growth.
During the last month of September, the SUI price has surged by almost 140%, hitting a fresh six-month high. Now, bulls are trying to push SUI past the all-time high of $2.07, although the altcoin has been facing strong resistance at the $2 mark.
Recently, SUI also crossed another significant milestone. According to data from DefiLlama, Sui’s Total Value Locked (TVL) has crossed the $1 billion mark, putting it ahead of Polygon in the TVL rankings.
As of Wednesday, data from DefiLlama shows Sui’s TVL at $1.07 billion, up 65% in the past month. This surge indicates growing confidence in Sui's potential.
The rapid surge in the SUI Network TVL is a positive sign for SUI crypto, indicating growing confidence in the platform's utility. Moreover, more capital inflows into the Sui decentralized finance (DeFi) ecosystem will likely put upward pressure on the SUI coin price moving ahead.
Furthermore, the open interest for the SUI coin on Wednesday surged to $750 million, reaching its highest level since January. This indicates growing interest from traders and new capital flowing into the market.
Some market analysts believe that the SUI all-time high (ATH) won’t come immediately and investors will need to be a bit more patient. If SUI bulls manage to return to the current all-time high of $2.18, it could lead to an immediate breakout. However, analysts say that the SUI price could see a pullback to $1.5 before resuming the uptrend.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
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