The cryptocurrency market kicks off the new year with notable upwards momentum among altcoins, driven by Bitcoin's (BTC) impressive rise. Among the leading performers is Sui (SUI), which has surged by over 23% in the last 7 days due to strong on-chain growth.
SUI Hits TVL Record
According to DefiLlama, Sui's Total Value Locked (TVL) reached a new all-time high of $2.04 billion. This milestone reflects increasing demand for its DeFi protocols and application ecosystem. Since October, Sui's TVL has doubled, solidifying its standing in the competitive Layer 1 space.
SUI Technical Analysis
Sui (SUI) is currently trading within an ascending channel, with consistent higher highs and lower lows indicating a strong bullish trend. The token recently broke through the $4.96 resistance level, reaching a new ATH of $5.36 before a slight retracement to $5.08. A pullback to $4.96 might confirm the breakout's strength before the next rise. Both MACD and RSI indicators indicate bullish conditions.
What's Next for Sui?
Sui's impressive TVL growth and strong price performance point to robust market confidence in its blockchain ecosystem. As the DeFi space expands and Layer 1 blockchains draw investor interest, Sui could continue to attract capital inflows. The coming days will be critical as SUI consolidates and retests key levels.
Sui is showing strong positions amidst the competitive environment among Layer 1 blockchains. The current trend and increased investor interest may contribute to further ecosystem development and market capitalization growth.
