SUI, the native token of the Sui Network, is gaining significant attention in the altcoin market, having reached a new all-time high and showing sustained growth.
Current SUI Performance
Currently, the SUI token is trading at $4.78, reflecting a 9% increase in the past 24 hours. Trading volume surged 48% in the same period. Over the past week, SUI gained 15%, with a notable 27% rise in its monthly performance.
TVL and Trading Volume Growth
The rise in SUI's price is linked to the Sui Network's achievements in the DeFi sector, where the total value locked (TVL) has reached $1.79 billion. Lending platforms such as Suilend and NAVI Lending played a crucial role, accounting for 58% of the network's locked assets.
Technical Indicators and Prospects
The relative strength index (RSI) for SUI stands at 66, indicating potential market overheating. However, analysts see room for growth, with a target price of $6. Signs of consolidation are present, yet despite short-term fluctuations, SUI remains a strong contender in the altcoin space.
Despite short-term price fluctuations, the SUI token continues to demonstrate strength, supported by institutional investment and the expansion of the DeFi ecosystem.
